Skip to main content

Full text of "Financial Times , 1987, UK, English"

See other formats


o'* 


Ji'*' 


* . v. 

- V 



taaa ... Sdi 22 
OaflJW 
IMpm . . , BFf.4fi 
Ciudi ... C$1 DO 
Cflns ... CfO.H 
Draw* . Mi.g.oq 
Efliff .... ££225 
Mod . . ft* J 00 
Fraon .. Ffi.fi. so 
5nwr- DM 2 JO 
Gmca ....DMO) 
HonoKong. W M 
Ms . .. . Bop. 15 


brimn 
talM . . . .N53.S0 

Mr 1 1000 

,IW BI|| YfiflO 

Join ... Bs.Sffl 
K0*W ... RsSOQ' 
Letaan .. EL50JB 

j ip tir jwif ]] . ifr.48 

Mm .. PH.90B 
Mancra- , Oh BJJ0 
Nttabndi . FTa. 00 


H*prao . Pm 30 
PptngM .be 100 
S. Aiita. . Hi B.D0 
Sagapnn . B4.10 
SPml. ... Pn ia. 
Sn IMa . . . fiep 30 
Smhn . .348 00 
IWbbW SfiZ2D 
THm...'HTS 85 
T«*» .. 0*0800 
Tutor .... 1500, 
UAE. . . . Dh S.5fl 
USA. Si .DO 


FINANCIAL TIMES 


Disannafnfopt accord 
threatea^Jy French 
-r ^dhlsioris, Page 16 


% 1 
’“-BE— 


0 


No. 30,233 


EUROPE’S BUSINESS NEWSPAPER 

Thursday May 14 1987 


D 8523 A 



• Us..,: 




. ' >.S ri-r ^ 


news 


Barbie in 
court 
walk-out 
protest 

Klaus Barbie -walked bat of the 
French courtroom wherehe is be- 
ing tried for brines against hranan* 
ity. and demanded in be taken back 
to his prison, y 

The former Gestapo officer 
claimed lie was a Bolivian citizen 
who had been kidnapped- and was 

now illegally held in France. 

Barbie’s statement caused uphea- 
val in the court, and Judge Andre 
Cerdini suspended die. hearings, in 
their third day. Hearings resumed 
later in the day without Barbie. 
PageS 

Arrests In Punjab 

Security forces in Punjab arrested 
175 mflrfr nt Sikhs including a state 
cabinet minister after New Delhi 
imposed direct rule on the north In- 
dian state. Page 4 

Autonomy law plan 

The Sri IjmiIwwi Gov ernment plans 
to pass a law giving limited provin- 
cial autonomy tp.mmority Tamils to 
prove its sincerity in mqdemeoting 
a political solution to the four-year- 
old T amil reh aTKon , Wnanno and 
Planning Miniate* Bwwi » da TMM 
said. Paged 

Iceland talks fall 

Progressive Party leader Stemgri- 
mur Hermannssoa gave up Ms at- 
tempt to form a; coalition Govern- 
ment in loelandq&BJEe3 


_ ^ industrial -tar- 
■jmd Tabriz mtoiar 


Business summary 


European 
group may 
cut 18,000 
jobs 


NEW EUROPEAN semiconductor 
rempany tonnedthroughmerger of 
units cfSGS of Italy and Thomson 
of France may hare to cut work- 
force by 18,000, or 10 per emit 
Group managing director Pasquale 

Pistorio said number of jobs lost 
would depend on the speed with 
which the joint company expanded 



WALL STREET: The Dow Jcmes in- 
dustrial average dosed 7j08 up at 
2^2938. Page# 

LONDON: Early demand for blue 
chips , buoyed equities although 
gains wore not extended later. Gilts 
opened firm but eased slightly be- 
fore the dose. The FT-SE 100 index 
added 20 J to hit a new peak 

2.163.4. The FT Ordinary index 

dosed 10.1 up at 1,680.5. Page 38. 
TOKYO: A' Finance Ministry re- 
fer restraint in ex- 

dealing surprised the mar- 
ket and spurred a drop in prices. 
The Nikkei average fell 172.88 to 
24,383 J9. Page 40 

DOLLAR closed iaJfewYarkatDM 
1.7945; SFr 1.4755; FFr 5J880; and 
Y140J35. It rose iarTondon to DM 
1.7900 (DM L7880); to SFr 1.^10 
(SFr 1-4670); to Y130.7O (Y139.30); 
but fell to FFr 5.9700 (FFr 5-9750). 
On Bank of England figures the dol- 
lar’s exchange-rate index rase (L3 to 

100.4. Page 29 
STERLING dosed in New York at 
SL6695. It rose in London to SL6715 

($1.6700); to DM 2J925 (DM 2i»50); 
toFEr9.98(EFr9.OT75);toSFr2J8 
(SFr 2.45); and to Y233.50 (Y233D0). 
The pound’s exchange-rate index 
rose ttSto T&5. Page 29 
GOLD fell $025 on the London blal- 
ficaunarkst to doseat $46125. It re- 
mained unchanged in Zurich, at 


rtods hrto Iran Mgojj®. in New York the JuneCo- 


fra na n 


was 


$460 JM). 






.Rebels in southern Sudan said 
guerrilla forces shMitownet 
nese.air force Hercules, transport 
aircraft carrying two- platoons of 
troops near toe sout h western town 
of Wau on Tuesday. 

Forest fire rages 

A week-old forest fixe which has 
killed 182 people in northeast Chi- 
na and caused losses of at least lbn 
yuan (S270m) might continue for 
another three to five days, national 
radio said. 

Chemical weapon use 

A United Nations panel of experts 
has once more unanimously deter- 
mined toat Iraq employ^ chemical 
weapons in its .wpr with Iran in 
what its report calls “one of the 
gravest infringements of interna- 
tional norms.' 1 Ffcge 4 


ibex n at fl eme n t 
Pageid 

LEGISLATION approved by the 
- lisiwtf Gkwerpinentwittendtoe far 
borious process by’ winch, .stocks 
j .. and. bqpds, "have -to be. transferred 


«*» bank each time f tra w rectin p 
occurs, Page 40 

DANZAS, the worlds leading inter- 
national forwarding agent, an- 
nounces a drop in group turnover 
for 1986 from SFr 5Abn to SFr 5-6hn 
(S3.8bn). PageST 

PREUSSAG, the West German me- 
tals and mining group, will not pay 
a dividend for 1986 after another 
year of difficult trading. Page 17 
GIANT Group, a small US west 
coast investor group led by Mr Burt 
Sugarman, a Hollywood producer, 
has acquired a 6J3 per cent stake in 
Clark Equipment, the world’s big- 
gest fork-lift truck manufacturer 


Star Wars tests 

A US study shows the 1972 Antibat 
fistic Missile treaty does sot bar 
testing of Star Wars components, 


Seoul police swoop 

Violence erupted on a Seoul campus 
again with more than 1,000 students 
battling riot police who had arrest- 
ed 36 students tor staging a protest 
against President Chun Doo 
Hwan's Government 

Kenya police move 

Kenya, US criticism for al- 
leged human rights abusesjws be- 
gun a dean-up of its entire police 
force to stop cases of police torture. 
Foreign Minister Elijah MwangaJe 
said. 

Tribal kidnapping 

Tribal separatist guerrillas In the 
north-eastern Indian state of Tripu- 
ra kidnapped a state assembly 
member and said be would be tried 
for crimes against tribesmen. 

Soviet shuttle soon 

The Soviet Union is to launch its 
first space shuttle soon, Tass news* 


- < 




S 




and says it might seek control of 
tiie company. Page 18 
BANQUE Brussels Lambert, the 
second-largest of Belgium’s com- 
mercial banks, said its gross operat- 
ing profit soared 40 per cent in the 
half year ending March 31. Page 17 
HAVAS, toe French state-owned 
advertising and tourist group, will 
be the next company on the Gov- 
ernment’s privatisation list Page 17 
AMOCO, toe US oil group, has 
moved closer to its C$5.1 bn 
(USSSJbn) takeover of Dome Petro- 
leum. Rage 17 

MIDLAND Bazik of the UK has 
won preliminary approval from 
Brazes central bank for the forma- 
tion of Midbank Banco de Investi- 
mento, a joint venture investment 
bank with two Brazilian partne r s. 
Page 18 

BAYER, the West German chemical 
group, said it was optimistic about 
Tnafatefamg results at last year's 
high level after a slight profits rise 
in the first quarter. It expects a 
tougher year, however. Page 17 

ALCAN Aluminium is gang ahead 

with c on str ucti on of the 200,000 
tonnes yearly L a t er riere smelter 
north of Quebec City, but in three ■ 
phases in order to preserve maxi- 
mum flexibility. Page 37 
TIFFANY, the fashionabl e Mew 
York-baaed jewellery and luxury 
goods retailer, reported first-quar- 
ter net profits (rf $LQ2m, or 12 cents 
a share, compared with a loss of 
Si .31m. or 18 cents, a year earlier. 
Page 17 

CONTENTS 


OECD ministers 
pledge to cut 
farm subsidies 

BY PHILIP STEPHENS, ECONOMICS CORRESPONDENT, IN PARIS 


fli^vkKNMRNTfi of industrial na- 
tions gave a broad commitment yes- 
terday to accelerate the process of 
farm " subsidies f»**a of 
Hberallsing farm trade. 

In a communique released 
two days of ministerial talks at the 
Organisation for Economic Co-oper- 
ation and Development (OECD), the 
24 member governments said they 
were pledged to “a progressive re- 
duction of assistance to and protec- 
tion of agriculture" across all coun- 
tries fi l H Himwinititini 
. The agreement came- as West 
Germany indicated for the first 

thne w glAff Hi OT iiwhmc an in. 

tematianal economy that it might 
be prepared to take further action 
this year to stimulate its economy if 
Its growth rate continued to after. 

The accord on agriculture which 
was hailed by toe US as a major 
breakthrough and by the European 
Community as an impor t an t .step 


forward, aims to give political impe- 
tus to the current talks in toe Uru- 
guay round of the General Agree- 
ment on Tariffs and Trade (Gatt). 

It sets as its long-term goal the 
progressi v e introduction of market 
forces into both national and inter- 
national agriculture policy 
points to a gradual break in toe link 
between income support for farm- tion during the Uruguay round was ; 
ers and agricultural production in- likely to prove tortuous and pro- 
centives. traded. West Germany, which in 


T V Rftpgpn Aftminintr orinn may 

back an increase in the World 
Bank’s lending powers following 
a US failure to win voting re- 
forms whkh would have given it 
greater control over the Inter- 
American HwoWnpirf Rank. 
Page 16; D^baSground. 
Page 2; Editorial comment. Page 
14 ' 

Despite tem^nMoB a ttons on the 

final wording of agricultural 
sflrfirm of the communique — with 1 
West Germany and Japan con- 
cerned to water down some of the 
commitment - toe eventual docu- 
ment won almost universal praise. 

Australia, the US nH Canada, 
which have been in the forefront of 
rtemmifis fp r TganteMii f in in- 
ternational farm trade, were parti- 
cularly optimistic. 

Mr James Baker, US Treasury 
Secretary, described it as "a major 
step forward towards multilateral 
agreements on agricultural re- 
form." Mr Alan Clark, Britain's 
Trade Minister, termed it "a signifi- 
cant advance." 

There were dear Indications dur- 
ing the two days of talks, however, 

♦haf. t wmdatmg top pledg es into a**- 


current European Community form 
price talks is vigorously opposing 
any reduction in cereals prices, 
stuck to its position that attempts to 
dismantle subsidies could not in- 
dude nominal price cuts for its 
formers. 

Mr Mutsuki Kate, Japan’s Agri- 
culture Minister, made it clear tfmt- 
his Government remained con- 
cerned about increasing toe coun- 
try’s reliance on imported food. In 
those to lib- 

eralise agriculture had to be seen in 
a medium to longterm perspective. 

A new OECD system of measur- 
ing the relative levels of subsidy in 
different nations also received only 
qualified approval. The system in- 
volves the calculation of so-called 
Producer Subsidy Equivalents and 
Consumer Subsidy Equvalents 
which equate form support pro- 
grammes to the value of output. 

Calculations presented to minis- 
ters yesterday indicate that in 1985 
Japanese subsidies represented 
about 70 per cent of the value of 
output of key agricultural commodi- 
ties. TTi** wimpamhlg figure for the 
European Community was 40 per 
emit and for the US 20 percent 

A ministerial commitment in toe 
communique to roll bade protection- 
ism in other areas also had some of 
its gloss removed by a series of ex- 
Continued on Page 16 


Japan urges restraints 
on currency speculation 


BYIAN RODGER M TOKYO 

THE JAPANESE Ministry of Fi- 
nanceHcaUad in the chief executives 
of more than 20 leading Japanese 
banks, 10 securities companies and 
10 fife and casually insurance com- 
panies yesterday morning to ask 
them to instruct their foreign ex- 
change dealers “to refrain from 
speculative foreign exchange trans- 


actions." 

Separately, the ministry also 
talked to 15 foreign banks aerating 
in Tokyo. 

In the wake of toe extraordinary 
and highly publicised arm-twisting 

exercise aimed at preventing a fur- 
ther fall in the value of the dollar, 
the dftiim* strengthened slightly in 
Tokyo. 

Separately, the ministry of inter- 
national trade and industry called 
in chiff executives of the 
trading and manufacturing compa- 
nies to convey the same m essa g e . 
For many of these c ompanie s, spec- 
ulative trading in currencies and 


OS ■emfcondnctnr mamrfwetor- 
ere have agreed to 7 set up a re- 
search co-operative in a Md to 

regain toe lead in chip technolo- 
gy. The project, Sematech, is ex- 
pected to coat $3bn over six 
years, and the industry expects 
the Govern men t to contribute 
h«lf of that Background, Page 6 


other instruments has become a 
major source of profits in the past 
year. 

Finance Ministry officials said 
there was no question of forcing in- 
stitutional investors to refr a in from 
speculative trading. However, the 
Japanese sense of duty is such that 
a highly publicised appeal of tins 
kind is most unlikely to be ignored. 
Foreign exchange dealers said later 
in the day they felt very inhibited 
about dollars. Some predict- 
ed that the arm-twisting could 


cause Japanese inve st or s to be 
about buying dollar 

Officials later told reporters they 
had become convinced that specula- 
tive activity was playing a signifi- 
cant part in the instability of for- 
eign exchange ma rk ets recently, 
and it was therefore appropriate to 
ask the leading market participants 
to restrain thdx sp e c ulat ive activi- 
ty- 

The Government was committed 
to toe liberalisation of Japanese fi- 
nancial markets and the interna- 
tionalisation of the yen. 

- “But in order to keep the market 
as free as possible, the judgment of 
the market participants is very im- 
portant, especially when market 
turbulence is haring such a mis- 
chievous effect on the economy,” 
said Mr Makoto Ulsumi, director* 

Contimied on Page 16 

Money markets, Page 29 


Australia unveils biggest public 
spending cuts for 30 years 


BY CHRIS SHERWELL M CANBERRA 


MR PAUL KEATING, Australia’s 
phntiiopt treasurer, unveiled a cata- 
logue of swingeing spending cuts 
and other measures yesterday to 
slash toe Government's budget defi- 
cit in the financial year by 

AS4bn (S2Jbn). 

The measures are designed to try 
to put Australia’s floundering econ- 
omy back on coOTse. They entail an 
estimated real reduction of 2 per 
cent in Government spending; the 
biggest in 30 years, and appear to 
meet some of the tough demands of 
the business community aTU * finan- 
cial markets. 


to parliament and the nation that *~ t>* *t, — «... - „, i-„ rr- ~ n 

his mhitfejdget marked toe cohm- July L Another A52J3bn in cuts ap- S^^ff he t£? arefi,rtl,e 
nation of toe most intensive and ex- pbes to IS88-69. Further action is deficit ^ A52.9bn or less, 
haustive review of g o v er nment pro- expected in the main budget in Au- 
gust, bat yesterday's statement laid 
t he groundwork «wii rnrffaatpg that 
ihe Federal Government is likely to 
demand lower funding and borrow- 
ing ceilings from toe state gervem- 


Some A$2JJ4bn of these cuts will. 
mmp through a AS lbn reduction in 
federal grants to state governments 
and an array of cuts covering de- 
fence, health and welfare spending. 

Another ASlbn or more will come 
in proceeds from toe sale of govern- 
ment assets, which will be used to 
reduce government debt The remo- 
val of cerium tax exemptions for 
g o ve rnm ent agencies will bring in a 
further A$410m. 

But opposition spokesmen de- 
cried the quality of the cuts, saying 
Mr Keating could not be sore of 
achieving aH toe savings outlined. 

Tim measures apply to the 
1987-88 financial year beginning on 


ments at a crucial meeting later 

this mo nth 

Without these decisions, Mr Keat- 
ing said, government spending in 
1987-88 would have risen by more 
than A$7bn to A$82L09tm, more 
than ASlbn higher than expected 


less than six months ago. The cuts 
are projected to reduce this to 
AS7B.45bn. 

Although no figure for toe budget 
deficit was given, Mr Keating pub- 
licly committed the Government to 
reducing it to less than 1 per cent of 
gross domestic product. 

From his parliamentary state- 
ment anil acco mpany in g inflation 


in living memory 
month* Australia's “Razor 
GaagT of ministers has been scruti- 
nising departmental budgets in toe 
hunt for cots. 


The deficit for the current year 
will be less than AMbn, which is 
above toe forecast last August of 
AS3ibn but better than recently ex- 
pected because of higher-than-an- 
tiripated tax revenues. 


Europe........* 2,3 

Companies 17.18 

America .4 

Companies 17,18 

Overseas 4 

Companies 20 

World Trade . 6 

Britain 7-S 

fiwnpaqi^i ....... 225-26 


Acricutere # 

A yp o hitrwrt ntsadvt *7 

Artff-RevJewt ...,..*«•*»••« If 

- World Golds -—2 

CpnmwM &fl» . ■ — •> SS 


Crossword ® 

C anm cto 29 

Bflteri at oo mnait i 14 

Eurobonds..,. ....... .......... H 

Euro-opdoos-.... 38 

Financial Futures 29 

Gold 28 

Twti 1 Aiplt.1 M witri, ....... 21 

Lt ti fffiTiit-n .... 15 

Lex 10 

Lombard “ 

M ana ge me nt 12 

Market Monitors B 

Men and Matters..... ......... 14 

Money Markets *2 

Itaw 28 

Stock markets- Bourses .... 3T.40 

- WaU Street 37-» 

-London ..... 33-30,46 
■ World Index ........ 30 

Ttchnology !• 

Uito Trust*........ 36-33 

Weather — 10 



ISLAND 
PARADISE 
FACING A 
SEA OF 
TROUBLES 


US drug enfdrfieuieiit agencies will be 


malted! by Bahamas Prime 

Minister Lynden Findfing. Page 4 


Technology: how Chinacraft founded a 

dynasty 10 

Management: Alfred Dun, hill defines its 
image 12 

Editorial comment: growth has slowed 
. . .while subsidies hurt farmers 14 

UK economy: sterling matters more 

than money 15 

Lombard: strangled with a green belt 15 

Lex: P & O; Commercial Union; Land 
Securities 16 

Stock markets: Lisbon rules out the 
paperwork 38 

Survey: Korea Section m 


Reagan 
denies 
asking 
Saudis for 
Contra aid 

By Lionel Barber In Washington 

PRESIDENT Ronald Reagan ad- 
mitted yesterday that he dis- 
cussed secret Saudi contribu- 
tions to the Nicaraguan Contra 
rebels in a private meeting with 
King Fahd in 1985. 

But Mr Reagan denied solicit- 
ing the money - which might 
have been deemed Illegal under 
the 1985 Congressional ban on 
(rfBngi US military aid— and said 
that King Fahd had raised the 
subject 

Mr Reagan’s extraordinary 
step of discussing in public what 
he said to Ufag Fahd and what 
he later wrote down in his pri- 
vate diary was prompted by testi- 
mony this week by Ids former top 
foreign policy adviser, Mr Robert 
McFariane, to toe Iran-Contra 

hwump on fflp h p ; Hill- 

Tbe White House has been un- 
nerved by charges that US offi- 
cials, unwittingly or otherwise, 
may have broken the law in their 

efforts to help toe Contras daring 
the Congressional ban on direct 
and indirect US military aid be- 
tween October 1984 and October 
1988. 

President Reagan - who once 
described the Contras as the 
“moral equivalent of the found- 
ing fathers” — was kept intimate- 
ly informed about the Contra 
cause, according to testimoqy 
yesterday by Mr McFariane. 

He told the joint Home-Senate 
panel to*** he «»«b “dozens” of 
reports to dm President on the 
Contras, providing information 
on their military progress 
against the Sanfitota govern- 
ment, the inclusion of new politi- 
cal figures in the Contra move- 
ment, and US intelligence Ud- 
ings on Central America. 

Congressman Edward Boland, 
the MmamdinBirih Democrat 

who framed the Congressional 
ban on official US Contra aid, 
asked Mr McFfcriane if any ac- 
tivity, particularly by Xl Col Oliv- 
er North, the sacked White 
House aide, violated the law. 

Mr McEferiane said toot some 
activities, indnding private 
fund-raising, and contacting 
third party donors “could have 
involved breaches.” 

Senator Orrin Hatch, tbeUtah 
Republican, asked Mr McFar- 
iane repeatedly about the need to 
support the Contras to stifle 
Communism in Central Ameri- 
can. “Isn't it a feet...” he said 
dozens of times. Mr McFariane, 
staring at the television cameras 
a couple of feet away, said “yes, 
sir," and “no, sir” almost 60 
times In 15 mfamtea of questions. 

Earlier story, Page 4 




US insider 
trading probe 


BY JAMES BUCHAN IN NEW YORK 


THE FIRST criminal trial arising 
from Wall Street's insider trading 
scandal is likely to begin next week 
after a New York judge rejected 
last-minute efforts by the prosecu- 
tion to gain time to prepare a 
stronger case. 

The surprise decision by Judge 
Louis Stanton that the Government 
must proreed with the trial of three 
senior Wall Street traders next 
Wednesday is the first big setback 
for the official inquiry into the scan- 
dal. which has racked up some 
spectacular successes since the ar- 
rest of Mr Dennis Levine on insider 
trading charges shook the securi- 
ties industry exactly a year ago. 

The court ruling, citing the de- 
fendants' Sixth Amendment rights 
to a speedy trial, raises doubts 
about the strength not only of toe 
Government’s case against the 
three traders but its well publicised 
Investigation into Drexel Burnham 
Lambert, the aggressive and con- 
troversial investment bank. 

The three men are Mr Robert 
Freeman, the partner in charge of 
risk arbitrage, or speculation in 
takeover stocks, at Goldman Sachs; 
Mr Richard Wigton, former head of 
arbitrage at Kidder Peabody; and 
Mr Timothy Tabor, a former Kidder 
arbitrageur. The men were arrested 
and led away in handcuffs on Feb- 
ruary 12 and indicted in early April 
on charges that they had traded on 
inside information in two stocks. 

All three mea.pleaded not guilty. 
However, amid increasing signs 


that the prosecution is badly over- 
loaded by the complexity of the 
case, the US Attorney asked to de- 
lay the trial until July 20 to give 
time for it to seek an expanded in- 
dictment, involving nine stocks. 

The judge's decision is a blow to 
Mr Rudolph Giuliani, the US dis- 
trict attorney. Mr Giuliani has so 
far extracted 10 guilty pleas from 
Wall Street traders and bankers, 
most spectacularly from Mr Ivan 
Boesky, the arbitrageur, last No- 
vember, but he has yet to bring a 
case to a trial. 

The defendants have hired some 
of the best criminal lawyers in the 
US, and Mr Freeman is continuing 
to receive support from Goldman 
Sachs, one of the most powerful 
Wall Street investment banks. 

The prosecution was bitterly criti- 
cised by defence lawyers in court 
for "publicly humiliating” their 
clients with February's dramatic ar- 
rests. Mr John McEnany, assistant 
US district attorney, tacitly admit- 
ted the arrests were a mistake 
when he said: “We can be faulted 
for trying to proceed too fast” He 
argued that a May 20 trial would 
provide the defendants with an “un- 
warranted tactical advantage.” 

Defence lawyers, who were very 
pleased by yesterday's decision, 
have repeatedly attacked the gov- 
ernment’s case on the grounds that 
it is based solely on self-serving evi- 
dence from Mr Martin Siegel, a for- 
mer Kidder banker who has con- 
fessed to insider trading ends. 


UK to give go-ahead 
foi- Airbus funding 

BY PETER RIDDELL, POLITICAL EDITOR, IN LONDON 


THE British Government is expect- 
ed this afternoon to make its long- 
awaited announcement of launch 
aid for British Aerospace's involve- 
ment in toe next stage of the Euro- 
pean Airbus project 
After lengthy negotiations be- 
tween the company and the Depart- 
ment of Trade and Industry, pro- 
posals have finally been agreed to 
provide about £450m ($750m) of 
grants and loans towards the £85Qm 
cost of British involvement in mak- 
ing the wings for the medium- 
ranged A330 and the long-ranged 
A340 Airbus in conjunction with 
other European countries. The com- 
pany originally sought £750m gov- 
ernment aid and argued that with- 
out substantial backing it would not 
be able to participate in the project 
The final package is understood 
to involve tight repayment terms 


for the loans following close ques- 
tioning by the Treasury and mem- 
bers of Mrs Margaret Thatcher’s 
Downing Street Policy Unit about 
the viability of the project particu- 
larly the A340 where there is tight 
competition from the US. 

There has been considerable tab- 
bying by Conservative as well as op- 
position MPs in support for the pro- 
ject which will affect both British 
Aerospace and its suppliers in a siz- 
able number of Conservative-held 
marginal seats. 

Despite the lengthy, and unusual- 
ly public, nature of the negotiations 
it would have been politically very 
difficult for the Government to have 
turned down the British Aerospace 
application and thus to take the 
company out of a major civilian air- 
craft project 


MOKTGtCES. 


Ai.n.KNAmr t.Wi'.sT.wnv in twvhon aijuvoks v i-kivah; hkm iii 


Expert advice 
about money 

Visit tiie Scottish Money Sbow for free advice on just about 

every aspect of saving, investing, managing or raising money. 

The Money Show opens at the Scottish Exhibition + Conference Centre. Glasgow' on 
14 th May until 16th May Three da>-s of expen advice and ideas in a relaxed and informal 
atmosphere from scores of leading financial and investment organisations and person- 
alities. PLUS special Business Seminar FREE Show Catalogue and Investment Guide. 
FREE Daily Seminars to all viators (seats allocated on a first come first served basis). 

■ How to invest a lung} sum mAre Off-Sbore investments for you? ■ Do you need Life 
Insurance? ■ Selecting the best mortgage ■ Retirement Planning - when to start, 
bow to do it ■ How to invest in Unit Trusts ■ How to avoid Capital Gains Tax 

■ Pensions far the Seif-Employed m How to pay School Fees ■ WLxu are Investment 
Trusts? Mis investing in commodities worth considering? ■ Wills - do you ixtveone 
- is it financially sound? ■ Using neu> tecfmology to make more profits ■ How to 
nose working capital ■ Stock market Flotations - full listing/ USMi third market 
m Business and Personal Insurance - whose is best? ■ Management Buyouts/ 
Partnership Break-ups - what to do* The Financial Services Bill and its impact 

m dm you improve your cash management?* How to choose your Stockbroker. 


SCOTTISH 
EXHromoN+ 
CONFERENCE 
CENTRE, GLASGOW 


14th -16th May 1987 


OPENING TIMES 
TtmodiK 14 Mat— I0amio5pm. 
RitbyL IS Mi) - 10 am re 3 pm: 



-x 




2 


t 

l - 

' Financial Times Thursday May 14 1987 

EUROPEAN NEWS 

— — — Q 


Barbie refuses to appear in court again 

BY GEORGE GRAHAM IN PARS 

KLAUS BARBIE yesterday 


walked out of the French court* 
room where he as being tried 
for crimes against humanity and 
refused to appear' in court 
again. 

Barbie demanded to be taken 
back to his prison cell, claim- 
ing he was a Bolivian citizen 
who had been kidnapped and 
was now illegally held in 
France. 

“I do not Intend to continue 
to appear before this court," 
Barbie said, reading from a pre- 
pared text 

His statement caused up- 
heave! in the court, and Judge 


Andrfi Cerdini suspended the 
hearings, already in their third 
day. Proceedings resumed later 
without Barbie. 

Ur Pierre Troche, the 
prosecutor, called Barbie “a 
shameful Nazi who does not 
even dare look at his own past 
and explain himself." 

"For the honour of French 
justice, we gave him the 
chance to explain himsel f in 
front of Jurors who are not old 
enough to have experienced 
these events. Now, as ever, It 
is ‘ Herr ' Mein 1 who stands 
before us," the prosecutor said. 

Ur Jacques Verges, Barbie's 


defence lawyer, replied that his 
client did not wish to subject 
himself to a lynch mob. 

The Interruption caused up- 
heaval in the hall, where Judge 
Cerdini has been noticeably 
annoyed by the continual move- 
ment and noise among the 
hundreds of spectators and 
journalists crowding the 
specially-built temporary court- 
room . 

“Please, we are not at the 
theatre," he complained when 
spectators applauded a lawyer 
representing one of the associa- 
tions which have joined the 


prosecution as associated plain- 
tiffs. 

Barbie’s walk-out follows the 
same tactics as those used by Mr 
Verges ’s last major client, the 
Lebanese terrorist Georges 
Ibrahim Abdallah, who walked 
out of his trial in March after 
reciting a lengthy denunciation 
of the court. 

The defendant has the right 
under French- law to ask to be 
taken back to his cell, leaving 
his defence to his lawyer. 

The judge did not yesterday 
use his right to force Barbie to 
return. The day’s proceedings 


will have to be relayed to him 
every evening by a court clerk. 

Barbie had earlier defended 
himself against charges of tor- 
ture, murder and deportation 
of Jews and of members of the 
French resistance movement 

“I got the impression you 
were trying to make me ont as 
the master of Lyon from 1942 
to 1944. Bat we were just a 
commando unit* and we were 
subordinate to the German 
army, the Wehnnacht," Barbie 
said. 

Barbie, 73, told the court: “ I 
cannot explain National 
Socialism to yon in two words.” 


EVEN TOUCHER CURBS ON EC FARM SPENDING URGED 

MEPs back overhaul of finances 

Br QUENTIN PEEL IN STRASBOURG 


THE EUROPEAN Parliament 
yesterday voted by a large 
mapority in favour of the plans 
for a radical overhall of EC 
financing, including a big switch 
from agriculture to regional 
and social spending, proposed 
by the European Commission. 

However, the MKPs called for 
even tougher restrictions on 
farm spending, and more 
generous and coherent policies 
in the poorest outlying areas of 
the Community, than suggested 
in the plans put forward by Mr 
Jacques Delors, the Commis- 
sion president. 

The instructed their presi- 
dent, Lord Plumb, to present 
their conclusions in person to 
the EC summit next month, in 
an effort to raise the pressure 
on the member states to settle 
their deep differences over the 
need for such reforms. 

The MEPs gave their 
blessing, by 225 votes to 38. 
with 63 abstentions, to the 
commission's bid to increase 
the absolute amount of cash 
available to the EC budget to 
1.4 per cent of gross national 
product in the Community — 
compared with about 1 per cent 
at present. 

However, they also approved 
a special amendment to their 
report, insisting that none of 
the new cash should be spent on 
farm price support — and that 
there should be a legal clause 
in any deal to that effect 


THE CENTRAL BANK gover- 
nors of Spain and Portugal 
yesterday spelt eat target 
dates for bringing their 
respective currencies Into the 
exchange rate mechanism of 
the European Monetary 
System, writes Quentin FeeL 

Mr Mariano Rubio, governor 
of the Bank of 8 pain, sug- 
gested that 1989 as the target 
date for the peseta to Join 
the EMS, which Huh eight 
of the 12 EC currencies, with 
the most notable exception 
of the pound sterling. 

In a speech to members of 
the European Parliament, he 
said that such a decision 
would obviously depend on 
the government of the day, 
and on prevailing economic 
circumstances. But he hoped 
that by 1989 Spain would 
have completed the economic 
adjustments necessary to 
bring its monetary policy in 


They also backed a rapid 
switch in spending from the 
price-support and export- 
subsidy system, to far more 
direct income support for small 
farmers. Income support should 
tax 25 per cetrT-of available 
cash as soon 'as possible, and 
50 per cent In the medium-term, 
they said. 

On regional and social poli- 
cies, toe MEPs concluded 


line with the other member 
states. 

Mr Jose Alberto Tavares 
Mareira, the Bank of Portugal 
governor, suggested a longer 
timescale of 1992 as “a 
realistic date” for bringing 
the escudo into full member- 
ship. 

Both gov er nors Insisted that 
they would ask for the widest 
measure of divergence within 
the exchange rate mechanism 
allowed to other currencies. 
Italy to currently allowed to 
let the lira move in a 6 per 
cent band in the system, com- 
pared with only tJS per cent 
tor other currencies. 

Mr Tavares Mareira also 
insisted that Portugal would 
not join until the British 
Government had brought ster- 
ling into the mechanism. That 
decision is believed by many 
officials to Brussels to he 
Imminent 


that a doubting in funds, as 
proposed by the Commission 
bat strongly opposed by mem- 
ber states like Britain, West 
Germany and France, was the 
minimum necessary, and all 
other policies should be co- 
ordinated to help the poorest 
regions catch up the wealthy 
centre. 

The majority view stressed 
the need for more social 


policies co-ordinated in Brus- 
sels, and closer monetary co- 
ordination — tbe latter strongly 
endorsed by Mrs Delors him- 
self. 

He urged tbe need for the 
reforms as one part of a Euro- 
pean economic growth strategy, 
stressing the inability of both 
the US and Japan to expand 
their economies as rapidly as 
could the EC states. 

The significant number 
abstaining in the vote included 
the majority of the European 
Democratic Group, led by 
British Conservatives, who 
argued that it put too much 
stress on budget spending, and 
too tittle on the process of 
market liberalisation. British 
Labour MEPs divided between 
abstentions and outright re- 
jection of the report, which 
was carried by the alliance of 
other Socialists. Christian 
Democrats and Liberals. 

Mr Delors warned Irish MEPs 
that they could not expect any 
renegotiation of the Single 
European Act — the reform of 
the Treaty of Rome from which 
his financial reforms stem — if 
Ireland were to vote against it 
In the forthcoming referendum. 
He said it was not intended 
“in any case” to renegotiate 
Ihe Single Act whatever toe 
result of the referendum being 
held to allow the necessary 
modification of toe Irish const!- 1 
tution. 


Call to drop taxes on securities deals 

BY TIM DICKSON IN BRUSSELS 


THE EUROPEAN Commission 
yesterday unveiled a plan to 
abolish taxes on securities 
transactions throughout too 
European Community. 

The proposal, which must 
still be approved by ministers 
is designed to harmonise tax 
throughout the Community. It 
is part of the Commission’s 
drive to create a barrier-free 
common market in goods and 
services by 1992. 

The proposed directive is 
likely to be of most interest to 


Britain, whose stamp duty 
raised almost £90m in govern- 
ment revenues last year or toe 
equivalent of nearly 2p on in- 
come tax. 

The Conservative Govern- 
ment is firmly committed to toe 
liberalisation of capital move- 
ments— an objective which toe 
latest proposal is designed to 
speed up— but Treasury officials 
are also bound to take into 
account the revenue implica- 
tions of supporting toe Brussels 
initiative. 


The Commission’s new direc- 
tive, which will not he dis- 
cussed by finance ministers until 
the European Parliament I 
the Economic and Social Com- 
mittee have given their 
opinions, replaces a previous 
proposal to harmonise securities 
transaction taxes which was first 
presented in 1976. Discussion 
between memberf states have 
become badly bogged down in 
technical detail with most 
member states (notably Britain 


and Ireland) raising objectijms. 

Officials at the Commission 
feel that straightforward aboli- 
tion, while more radical, may be 
simpler and point out that so hie 
member states are taking action 
unilaterally to dismantle such 
levies range between 0.5 and 
5 per cent. The Belgialn 
Government, for example, has 
recently passed a law which 
will exempt non-residents, while 
the authorities in West Ger- 
many are also considering 
changes. 


Irish hank 
foresees 
low growth 

By Hugh Camcgy In Dublin 

THE DEFLATIONARY effect 
of an austere budget will 
m fu m only marginal economic 
growth in Ireland this year, 
with employment levels con- 
tinuing to fall But restrictive 
measures are essential to cor- 
rect severe imbalances in toe 
public finances, according to 
toe Irish central bank. 

“It is necessary to accept a 
degree of deflation now to 
facilitate greater growth In 
the future, to avoid an even 
larger deflationary adjustment 
eventually,” tbe bank said in 

Its ann ual report published 
yesterday. 

It welcomed the new 
Flanna Fan Government’s 
cost-cutting budget which 
targets a loaner gap between 
government spending and 
revenue and lower exchequer 
borrowing relative to gross 
national product, than for six 
and 10 years respectively. 

However, the bank warned 
that with the current budget 
deficit tfn planned at nearly 
7 per cent of GNP and ex- 
chequer borrowing at more 
than 10 per cent* unpalatable 
fiscal measures must be main- 
tained in subsequent years. 

It was vital that the Gov- 
ernment should stick to its 
course to engender the mar- 
ket confidence needed to get 
interest rates down and stimu- 
late private-sector growth. 

The chief battle at present 
over toe budget is in the 
health service. Mr Charles 
Haughcy, toe Prime Minister, 
is under heavy pressure to 
cub a programme of spend- 
ing cuts that has prompted 
large public demonstrations 
and serious within 

Fianna FalL 

Yesterday, he reiterated toe 
Government's commitment to 
tiie cuts and censured three 
of his backbenchers for oppos- 
ing them. 

Other assessments predict 
growth this year of at least 
1 per cent Fianna Fall cer- 
tainly hopes that a restora- 
tion of confidence in toe pri- 
vate sector will spur better 
uerformance than the central 
bank foresees. 


Italy lifts 
restrictions 
on foreign 
securities 

By John Wyf« In Rome 

ITALY TOOK a key step to- 
wards opening up its financial 
system yesterday by lifting a 
long-standing restriction on the 
private purchase of foreign 
securities. 

Dr Mario Sarcinelli, toe 
Foreign Trade Minister, yester- 
day signed a decree scrapping 
the requirement that a non- 
interest bearing deposit equal 
to 15 per cent of the value of 
foreign securities must be 
lodged with toe Bank of Italy. 

The move brings Italy into 
compliance with EEC direc- 
tives well in advance of the 
December 19 deadline set last 
year by the European Commis- 
sion. with other, more minor, 
restrictions that were also lif- 
ted yesterday, officials claim 
that Italy is operating as free 
a foreign exchange regime as- 
France. 

Dr Sarcinelli’s initiative is 
unusually enterprising for a 
minister in a caretaker govern- 
ment. A former top official of 
the Bank of Italy, the waa 
appointed at the end of last 
month as a “technician minis- 
ter” on secondment from his 
post as director-general of toe 
Treasury. 

This Is judged to be a favour- 
able time to free the purchase 
of foreign securities because of 
toe growing seasonal impact on 
Italy’s balance of payments and 
on the lira of tourism receipts. 

It now seems clear that last 
Friday’s significant fall in toe 
lira against other major cur- 
rencies was encouraged by toe 
central bank partly to alleviate 
the impact of yesterday’s 
announcement. In the event, 
however, it had been largely 
discounted by toe markets. 

Previously, only mutual 
funds have been allowed to 
acquire foreign shares and 
bonds without paying the de- 
posit, although their holdings 
were limited to 10 per cent of 
their portfolios. A sudden surge 
in Italian demand for foreign 
securities is unlikely, however, 
because the securities industry 
is not yet folly geared up to 
marketing them. 

Other restrictions lifted yes- 
terday will allow corporate 
groups to open foreign ex- 
change accounts on a group 
rather than company basis. In 
addition, they will have total 
freedom to manage their 
foreign exchange accounts 
which can be maintained for 
120 instead of 60 days before 
liquidation. 

Some controls wQl remain on 
forward foreign exchange trans- 
actions as will the prohibition 
on all Italians from having 
overseas bank accounts. This 
will be tackled by a complete 
revision of the foreign ex- 
change law, due to be com* 
oleted by October, on toe basis 
that everything is permissible 
unless specifically forbidden 
instead of the reverse philo- 
■jr«*hv which underpins toe 
existing law. 


Knives out in Bonn 
coalition over 
scrapping missiles 


BY PETER BRUCE IN BONN 

CONSERVATIVES in toe West 

German -coalition are threaten^ 

ing a fierce political assault 
next week on Ur Hans-Dietrich 
Genscher, the Foreign Minister, 
because of his continuing sup- 
port tor accepting the Soviet 
offer to remove all shorter- 
range intermediate nuclear 
(INF) missiles from Europe. 

Mr Genscher and bis Liberal 
Free Democrats (FDP) are 
openly at odds with Chancellor 
Helmut Kohl's Christian Demo- 
crats (CDU) who want to 
accept only an older offer to 
scrap missiles with a range of 
more than 1.000 km and to 
negotiate equal reflings in 
ranges below that 

Criticism- of Mr Genscher by 
the CDU has been relatively 
muted, ... . however, because 
important state elections take 
place to toe Rhineland Pala- 
tinate and In Hamburg on Sun- 
day. The CDU is trying to 
avoid accusations that its posi- 
tion threatens prospects for 
disarmament in Europe. 

After Sunday no immediate 
domestic political obstacles 
exist to- prevent toe CDU, 
especially Mr Manfred 
Woerner, the Defence Minister, 
Mr Alfred Dregger, the party’s 
floor leader,- and Mr Volker 
Ruehe, its -foreign affairs 
spokesman* from raising the 
profile of its campaign to stop 
the so-called “double zero 1 * 
option being agreed between 
the US and toe Soviet Union In 
tbe INF talks in Geneva. 

There is fairiy broad con- 
sensus withid tile CDU on 
opposing the complete abolition 
of shorter range missiles and 
party officials say that Mr 
Genscher will have to “step 
into line” In order to avoid 
attack next week. 

He is unlikely to do so, 
although Foreign Ministry 
officials say there are ways in 


which the FDP and CDU posi- 
tions can be “ harmonised.” 
Nato has no shorter range 
(500 km-1,000 km) missiles at 
the moment and Mr Ruehe, for 
instance .has hinted that he 
might accept simply the option 
to install new shorter range 
weapons to match an agreed 
ceiling with the Soviet Union. 
Robert Manthner, Diplomatic 
Correspondent, adds: Mr Ruehe 
explained his party's strong 
reservations about toe double 
zero option during a 35-minute 
meeting with Sir Geoffrey Howe* 
the British Foreign Secretary, 
in London yesterday. 

He said after tbe meeting 
that he expected Bonn to adopt 
its final position on the Soviet 
offer to abolish all longer- and 
shorter-rim ge nuclear missiles in 
Europe by the end of this month 
or toe beginning of June after 
foil consultations with its allies. 
He stressed particularly the 
importance of an agreement 
between West Germany. Britain 
and France on the subject. 

“If we agreed to a double 
zero option it would leave us as 
toe only nation to central 
Europe in which all toe remain- 
ing nuclear weapons deployed 
on its territory (up to a range 
of 50 km) would also be used 
only on German soil, whether 
west or east." 

" The shorter the ranges, the 
deader tbe Germans, sums up 
toe situation concisely, Mr 
Volker said. 

He also underlined an aspect 
of the problem which was not 
generally understood in other 
countries, namely that a double 
zero solution would undermine 
the broad West German con- 
sensus on the need for nuclear 
deterrence. There was there- 
fore a real danger that the 
adoption of the double zero 
solution could lead to the 
" decoupling ” of West Germany 
from its European partners. 


Rome ends monopoly on 
foreign radio broadcasts 


BY OUR ROME CORRESPONDENT 


THE ITALIAN Constitutional 
Court yesterday broke the 
national broadcasting service's 
monopoly on overseas radio 
transmissions. The judgment 
means that Italy’s private 
stations can launch commercial 
international stations capable of 
rivalling Radio Monte Carlo or 
Radio lArtetabourg. ‘ 

Having opened toe way to 
private radio and television 
stations in Italy U years ago, 
tbe Court has remained faithful 
to toe view that a monopoly by 
RAL the state-owned radio and 
television service, breaches the 
Constitution's foeedom of infor- 
mation provisions. 


However, the judges have 
admitted that pluralism may 
have its limits in the inter- 
national sphere and that private 
stations broadcasting abroad 
must ‘ honour Italy’s inter- 
national obligations. This could 
limits on “certain types 
Of Transmisfons ” which the 
Government might ; judge as 
compromising Italian foreign 
policy or likely to drew protests 
from countries which are the 
targets of transmissions. 

The Court, therefore, recom- 
mends a system of licences 
“ which could be denied or 
withdrawn, for technical reasons 
or for reasons to do with inter- 
national relations.” 


OECD MINISTERIAL MEETING IN PARIS 


Baker gives 
pledge on 
deficit cut 

By Philip Stephen*, Economic* 
Correspondent, in Paris 


MR JAMES BAKER, the US 
Treasury Secretary, yesterday 
promised a $20bn redaction to 
toe US budget deficit for 
1988 as the absolute minimum 
that the Administration ex- 
pected to achieve. 

Speaking at the annual 
meeting of the Organisation 
for Economic Co-operation 
and Development, he acknow- 
ledged that for 1988 the US 
was unlikely to meet toe 
deficit-reduction target Laid 
out in the Gramm-Rudman- 
HoUlngs balanced budget re- 
solution. 


He also wanted that any 
Soviet -US arms control pact 
this summer could push up 
US defence spending In the 
short term because of the 
higher cost of supporting 
stronger conventional forces. 


The Treasury Secretary, 
however, insisted that the 
Administration had not 
abandoned tbe Gramm-Rud- 
man-HolUngs* targets for the 
medium-term. Next year, 
even if President Ronald 


Reagan accepted the spend- 
ing proposals put forward by 
the Democrat majority In 
Congress, toe deficit would be 
cut by $2Qbn. 


That would bring it down 
to around 3.5 per cent of 
gross national product com- 
pared to 3J per cent in the 
current fiscal year and 6.3 
per cent In 1963. 


Such > reduction would 
represent a substantial con- 
tribution towards meeting US 
commitments made at Febru- 
ary's Paris meeting of leading 
industrialised countries. At 
those talks governments 
agreed to srek to stabilise 
the value of the doI i a L 0,1 
foreign exchange nfrtgf. a 
commitment that Mr Baker 
reaffirmed yesterday- 


Governments emphasise co-operation for economic growth 

BY PHILIP STEPHENS IN PARIS * ° 


THE ORGANISATION for 
Economic Co-operation and De-j 
vedopment said yesterday that 1 
its 24-member governments had 
agreed to strengthen co-opera- 
tion to promote economic 
growth, to reinforce ecorts to 
reduce trade imbalances and to 
seek stability on foregn ex- 
change markets. 

A communique released after 
two days of ministerial talks 
also pledged that governments 
would see* to reverse recent 
trends towards protectionism 
and to begin the process of dis- 
mantling agricultural subsidies 
and liberalising farm trade. 

The ministers outlined a 
number of key priorities for 


macroeconomic policy in tbe 
leading industrial nations to 
order to strengthen the pros- 
pects for stable and sustain- 
able growth; to reduce substan- 
tially tbe levels of unemploy- 
ment — unacceptably high al- 
most everywhere; to correct the 
massive current account Im- 
balances ofthe major countries: 
to consolidate toe improvement 
to exchange rate configurations 
while achieving greater 
stability; and to improve the 
economic performance of de- 
veloping countries. 

In particular, the communi- 
que says, governments will 
strive for the ecective imple- 
mentation of February's Louvre 


Agreement, continuing to re- 
view policy and, if necessary, 
introducing further measures 
to reinforce co-operation. 

For the US, the key priority 
is to achieve further reductions 
to its budget deficit “Holding 
firm to this course is essential 
for external and domestic 
reasons,” particularly to ensure 
moderate interest rates and 
stable exchange rates. 

The main objective for Japan 
is to achieve stronger growth* 
with domestic demand increas- 
ing more rapidly than output, 
accompanied by rapid growth to 
imports. The communique wel- 
comes Japan’s commitment to 
“substantial fiscal and other 


measures to strengthen tbe 
growth of domestic demand” 
and its pledge to further im- 
prove access for foreign goods 
to its market 

In West Germany, the growth 
of domestic demand, to particu- 
lar private Investment, must 
exceed “ substantially ” toe 
growth of potential output toe 
communique says. Tbe Bonn 
Government acknowledges that 
should there be a serious risk 
to sustained expansion, it 
would review its mediumterm 
plans for tax cuts and toe re- 
duction of subsidies. 

Overall, governments agree 
that monetary policies, sup- 
ported by fiscal policies, should 


Report sounds warning on developed world’ 

Br MAX WILKINSON, RESOURCES EDITOR 


WORLD MARKETS can no 
longer absorb the over-capacity 
of the developed world’s agri- 
cultural sector, and toe outlook 
is bleak If action to 'curb sur- 
plus production is not taken, 
says a report published today 
by tbe Organisation for Econo- 
mic Co-operation and Develop- 
ment 

Tbe report provides a detailed 
analysis of the ways to which 
agricultural support pro- 
grammes to toe major produc- 
ing and consuming countries 
increase trade tensions, worsen 
international price fluctuations, 
depress economic growth, lead 
to self-defeating retaliatory 
measures, harm the Third World 
and are not very effective in 
protecting farm Incomes. 

The researches bythe OECD 
staff show that total agricultural 
support amounts to more than 
a third of the value of produc- 
tion in the Industrialised coun- 
tries, with the bulk of it con- 
centrated to the main producing 
and consuming areas of toe US, 
toe EC and Japan. 

Total subsidies, including 
price support, income support 
and indirect subsidies, are 
greatest for daily products and 
rice where toey amount to 
about two-thirdB of toe total 
value of the produce. In Japan 


Commodity support in OECD 


PBfceot of aalea value ( 1978 - 81 ) 
Wj 




wtt-ai 

Indfrect (neons 7-1*-i 



Direct income 4-Bs-l 

Bafcdw Ha wse mfi m mrn n w m 

^ 


farmers derive almost 60 per 
cent of their Incomes from 
subsidies of one sort or another. 

The Nordic countries are not 
far behind with subsidies 
accounting for 56 per cent of 
formers’ incomes, compared 
with 43 per cent to the EC and 
16 per cent to the US. The 
lowest subsidies are in Austra- 
lia where only 5 per cent of 
farmers* incomes derive from 
support measures, 

Tbe report looks at the con- 
sequences over a four to five 
year period of an agreement by 


all member countries to cut 
agricultural support measures 
by 3.0 per cent 

It emphasises that such a cut 
must be on the widest possible 
basis, because action by Indi- 
vidual countries or a concentra- 
tion on particular sectors would 
be difficult to achieve and 
would to any case be much less 
effective. 

This is because of the close 
linkages between different 
agricultural products. For 
example, a cut in the cost of 
grains used for cattle feed will 


t educe the cost of dairy 
products. But high levels of 
support for heel and dairy 
products tend to raise grain 
prices. 

The report emphasises that 
a 10 per cent across the board 
cat to subsidies would result 
in a relatively small reduction 
In prices, since subsidies them- 
selves represent only a propor- 
tion of total costa. . 

Although five alternative 
methods of cutting subsidies 
were considered, it was found 
that to general world prices for 


remain consistent with low in- 
flation objectives and real 
growth potential. They should 
also contribute to the orderly 
behaviour of exchange rates. 

“In view of toe outlook for low 
inflation in many countries a 
farther decline to interest 
rates to these countries — in par- 
ticular a market-led decline of 
long-term rates— would be help- 
fill” the communique adds. 

Strengthened co-ordination of 
macro-economic policies should 
he buttressed by greater efforts 
to liberalise markets, remove 
structural rigidities and phase 
out industrial subsidies. “ These 
compound current ' macro- 
economic problems and retard 


growth. Increasing competition 
to product markets, respon- 
siveness to factor markets and 
effectiveness in ton public 
sector will contribute signifi- 
cantly to grow potential to all 
countries." 

In a section on trade policies, 
the ministers say that: “It is 
of paramount Importance to re- 
verse recent - trends towards 
more restrictive trade measures, 
notably of . a bilateral or dis- 
criminatory nature.” Incoming 
months OECD nations will 
table comprehensive proposals 
for trade liberalisation in the 
context of the Uraguay round 
of the General Agreement on 
TartiXs and Trade. 


s farm surpluses 


livestock products would rise 
while prices for products used 
to feed livestock would falL The 
world price of milk products 
which axe heavily subsidised, 
would rise by 5 per cent. 

The reason for this is that a 
withdrawal of subsidies .and 
domestic price support for dairy 
products would result to a cut 
in agricultural output so that 
less surplus production would 
be dumped on world markets. 
However, the cut in OECD agri- 
cultural output would be less 
than } per cent 

Since some of toe effects 
would offset each other, toe Im- 
pact on particular sectors might 
be less severe Chan if subsidies 
were cot for only a few pro- 
ducts. For this reason, the re- 
port says, “ a co-ordinated 
multilateral, multi-commodity 
approach would lead to signifi- 
cantly greater benefits for 
OECD countries.” 

It also estimates Chat a 10 per 
cent cut would reduce national 
budget outlays on agricultural 
support by $4bo-?6bn per year, 
with a significant additional sav- 
ing for consumers. These sav- 
ings could be spent on generat- 
ing economic activity to other 
sectors. 

The report points out that, 
inspite of toe fact that the 
rapid increase of agricultural 


subsidies since 1960 has to a 
large extent been aimed to 
improve far m incomes, the 
relative incomes of agriculture 
•have declined or remained 
stable. 

As surpluses generated- by 
these . subsidies are dumped -on 
to world ~ markets and create 
increasing pressures for trade 
barriers, toe poorer countries 
have been penalised by low 
-world -prices for their com- 
modities. ■ 

The report says: “Thus toe 
farm crisis of the early 1980$ 
is being handled not only by 
means of increased budget 
expenditure to maintain 
farmers’ Incomes, trat also by 
exporting'toe most .perceptible 
signs of toe crisis to the rest 
of the world,'..'; . 

“ Continuing - heightened 
confrontation between ex- 
porters could have, to. toe 
medium term, ' dire conse- 
quences for world agriculture. 
. . . The economic, social and 
political . consequences of all 
this could . cause the system 
to. collapse and bring to a cycle 
of . gluts and shortages, that 
could not foil to damage toe 
world economy.” • 

* National Policies and Agri- 
cultural Trade, OECD, 2, rue 
Andre-Poscal, 7577 Forts Cedes 
16, France, 


gradual reform of agriculture 
has as Its eventual aim: “to 
allow market signals to influ- 
ence by way of a progressive 
ana concerted reduction of 
agricultural support . , . the 
orientation of agricultural pro- 
duction; this will bring about 
a better allocation of resources 
which will benefit consumers 
and the economy in general." 

It acknowledges, however, 
that in embarking on such a 
programme Governments may 
give consideration to social and 
other concerts, such as food 
security, environment and pro- 
tection of overall employment. 
At the same time Governments 
are to retain flexibility to 
choosing the means to imple- 
ment reform. 

The ministers said that the 
Uruguay round win be of 
decisive Importance in securing 
agricultural reform and in 
breaking down the present 
barriers to farm trade. In 
parallel: “In order to permit a 
de-escalation of present tensions 
. . . OECD governments will 
carry out expeditiously their 
standstill and roll-back commit- 
ments.” 

This win involve avoiding 
any actions which would stimu- 
late production in surplus agri* 
cultural commodities and in 
isolating the domestl. cmarket 
farther from International 
competition. 


FINANCIAL TIMES 

Published by ibe Brtudal Timet 
. (Europe) Md„ Fmatiun Branch. 
mreSBMcd by E. Hugo, Fraotiurt/ 
Mainland as members of the Board 
of Directors, f Barlow. R.A.F. 
.McCtem, G.T-S. Darner, M.C. 
Gorman, O.E.P. Palmer, London, 
Printer. • • Frankfartcr-SockUU- 
Dnitferd-GmbH. Frankfurl/Maln. 
Responsible editor R.A. Harper. 
fankfonJMiin. GiuoUetuuaae 54. 
MOO Frankfort am Main i. b Tbe 
Financial Time* Ltd, J9S7. 
FINANCIAL TIMES. DSPS No. 
190640, pubfcbed dally except 
Soodays and hoi Ways. U.L 
subscription rales 065,00 per Mown. 
Second dass postage paid at New 
York. N.Y. and at additional mailing 
offices. POSTMASTER: send address 
Changes to FINANCIAL TIMES. M 
East 60th $ueet. New York. N.Y. 
10021 




ft 





■*> 



Financial Times Thursday May 14 1987 0 




IE 

'< ^ uic;isB 



EUROPEAN NEWS 


SGS chief 
warns of 
job cuts in 
new group 

By Tarry Oodsworth In London 

MR Pasquate Pistorio, managing di- 
rector of the new European semi- 
conductor company formed from 

the merger of SGS of Italy and the 

non-defence chip man ufacturing ac- 
tivities of Thomson of France, said 
last night that he would be forced to 
cut jobs in the group. . 

The number of job . losses would 
depend on the speed with which the 
joint company ex panded, he said. 
But, on the basis of present man- 
power costs, tiie group would need 
to lose about 10 per cent edits com- 
bined work force of 18,000: 

Mr Pistorio, an Italian who 
worked for many years with Motor- 
ola in the US, gained a reputation 
as a tough manager when hie forced 
through redundancies at SGS after 
taking charge of the 
group in 1980. 

He made it clear yesterday that 
he bad made no decision on me pre- 
cise number of redundancies, and 
that be would aim to achieve as 
much as possible through natural 
attrition. But he stressed that the 
growth of the group would not be 
swift enough to avoid redundancies, 
which were likely to fall particular- 
ly heavily on administrative depart- 
ments, with some reductions in 
manufacturing. 

He added that the group also had 
too many factories, al thoug h he re- 
fused to speculate on closures, say- 
ing that it might be possible to im- 
prove the use of some facilities. 

Unde rlining the group's hi gh la- 
bour costs, he said that on the basis 
of the performance of the two con- 
stituent businesses last year, sales 
worked out at about $44,000 per 
head of staff. But to be profitable, 
sales of about $50,000 ahead ware a 
minimum requirement and by the 
end of 1888 the target would have- 
risen to $66,000. 


WARSAW TELEVISION BREAKS THE SILENCE ON ONE OF STALIN'S ATROCITIES 

Debate opens on Polish massacre 


BY CHRISTOPHER BOBMSKl IN WARSAW 


POLISH television has broken a 
long official silence over the Katyn 
massacre in which over 14.000 Pol- 
ish officers interned by Stalin at the 
beginning of the war were killed by 
Soviet troops. 

This suggests W r Mr Mikhail 
Gorbachev, the Soviet leader is 
ready to countenance new inquiries 
and apportion blame' to Stalin for 
an event for which the Soviet Union 
has always blamed the Germans. 

The topic was raised during a 
television programme devoted to a 
discussion of a new Polish-Soviet 
declaration signed last month 
promising that "blank spots" of con- 
troversial moments in mutual rela- 
tions hitherto excised by state cen- 
sors would be examined by histori- 
ans aM the results published. 

Despite the April declaration the 
1940 Katyn massacre remains ex- 
tremely sensitive and subsequent 
comment in the Polish press has 


been cautious and this had raised 
doubts that Katyn would be in- 
cluded in the subjects historians 
would be permitted to handle. 

Even the programme which final- 
ly mentioned the massacre was 
muted and this suggests that the 
declaration signed by Mr Gorba- 
chev and General Jaruzelski still 
arouses controversy in the Warsaw 
and Moscow establishments. 

The programme was chaired by a 
senior editor at Howe Drogi, foe 
party theoretical journal and fea- 
ture} two historians, both well con- 
nected Communist Party members. 

Kafyn came up along with the Co- 
mintem attitude to the war be- 
tween 1939 and 1941 and the disso- 
lution of the Polish Communist Par- 
ty in 1938 as examples of subjects 
for historical examination 
“ I would like to read a thorough 
manograpby devoted to the tote of 



Gen Jaruzelski 

tiie Polish officers interned in the 
Soviet Union in 1939,” Professor 
Jan Baszkiewicz sairf 
“And that would include a full ex- 


amination of all the ftwnmxtflnrw; 
surrounding Katyn,” Mr Iadwik 
Krasudri from Nowe Drogi replied 
in a short exchange which must 
have had top level approval before 
it went out on the air. 

• Poland’s new export development 
bank has held its first sale under a 
cautious scheme designed to permit 
companies to buy hard currency 
from one another. 

Hard currency has previously 
been available from central funds 
or to those who are exporters and 
are thus permitted to retain a por- 
tion of their earnings. 

At the sale, which is an additional 
way of getting hard currency and 
will take place twice a month, 
$80,000 was sold at prices between 
Z1 500 and Z1 900 per dollar com- 
pared to the ZI 240 official rate of 
the US dollar. Demand at the sale 
amounted to $1.7mln. 


Iceland acting leader fails 
in effort to form government 


BY GUDMUNDUR MAGNUSSON IN REYKJAVIK 


MR STEINGRIMUR Hermanns- 
son, acting prime minister of Ice- 
land, and lewder of the Progressive 
Party yesterday gave up his effort 
to form a new coalition government 
in Tf»Tartri. 

The first round of talks between 
political leaders headed by Mr Her- 
manossoa proved fruitless and he 
returned his mandate to the presi- 
dent, Mrs Vigifis Fmnbogadottir. 

The prestdeirfis expected tomor- 
row to give the mandate either to 
Mr Tborsteinn Palsson, leader of 
the Independence Party or Mr Jon 
BaMvin Hannibal sson, leader ci the 
Social Democratic Party. 

Mr Hennannsson told a press 
conference in Government house in 


Reykjavik that Mr Jon Baldvin 
Hanmbalsson, Social Democratic 
Party leader, saw no ground for co- 
operation with the Progressives. Mr 
Svavar Gestsson, leader of toe Left- 
ist Peoples Alliance had also in- 
formed the Prime Minister that his 
party was, for the timp being, un- 
able to take part in any serious 
Government negotiations. 

Mr Albert Gudmundsson, IppHpt 
of the New Gtizen Party was also 
sceptical about participation in the 
government and was considering 
an opposition role, apmrriing to Mr 
Hennannsson. 

Only the Women's Alliance 
proved ready for serious negotia- 
tions with the Progressive Party 


and the Independence Party 
headed by Mr Hennannsson. The 
Independence Party turned that of- 
fer down. 

It is widely believed that toe So- 
cial Democrats and the Indepen- 
dence Party are ready to form a 
coalition together but as they have 
only 28 seats in the 63 seat parlia- 
ment, the Althing, they need a third 
party. 

Mr Hanmbalsson has said that 
this third party will either be the 
Women's Alliance or the People alli- 
ance: Talks between toe Social 
Democrats, toe Independence Party 
and Women’s Alliance could start 
this week. 


UK ‘suggests* 
priorities on 
missile cuts 

A WEST GERMAN newspaper said 
yesterday that Mrs Margaret 
Thatcher, toe British Prime Minis- 
ter had suggested a six-point priori- 
ty list for nuclear rwi«wlt> cuts to 
Chancellor Helmut Kohl two weeks 
ago, urging Bonn to state its posi- 
tion, Renter reports from Bonn. 

Die Welt, in what it said was a 
summary of the letter to be pub- 
lished today, said Mr Thatcher ad- 
vocated a package deal on medium- 
range missiles, negotiated and 
implemented in phases. 

On the Soviet proposal to ban 
shorter-range missiles from Eu- 
rope, which has split Mr Kohl's 
coalition. Die Welt said Mrs Thatch- 
er believed that, even if this were 
desirable, it would be almost impos- 
sible to carry out in practice. 


Bofors 

faces 

fresh 

allegations 

By San Webb In Stockholm 

BOFORS, the Swedish arms manu 
faturer which smuggled weapons to 

the Middle East and which is under 
investigation for allegedly paying 
bribes in order to secure its SKr 
B.4bn (51,292m) Howitzer gun order 
to toe I nd ian army last year, feces 
fresh allegations from Swedish ra- 
dio concerning the Indian order. 

The radio claimed yesterday that 
Bofors paid SKr 250m to Indian 
agents and middlemen, thereby vio- 
lating an agreement not to 

use such intermediaries, and that 
the agents’ commissions - of 3 per 
cent - were actually written into the 
contract between Bofors and toe In- 
dian Government. 

Ambassador Bbupatray Oza, the 
Indian ambassador in Stockholm, 
that the iwd»»w Government 
denied that any agreement concern- 
ing payment of intermediaries had 
been written into the contract 
He said it had been Indian Gov- 
ernment policy not to use such 
agents for defence contracts in an 
effort to clamp down on corruption, 
and that negotiations with Bofors 
had taken place on the clear under- 
standing that such agents would 
not be used. 

Mr Olof Palme, toe Swedish 
Prime Minister who was assassi- 
nated last year, apparently gave as- 
surances to Mr Rajiv Gandhi, toe 
Indian P rimp Minister, that Bofors 

would not use middlemen. 

However, Mr Ingvar Carlsson, 
the present Swedish Prime Minis- 
ter, Has since claimed that the as- 
surance cannot be taken as a for- 
mal guarantee tout no a gen ts w ere 
used. 

Swedish radio’s original Haims 
last month that Bofors paid SKr 
39m in “commissions” to secure toe 
order caused a furore in India 


Le Pen sows alarm 
and confusion 
on French right 


BY DAVID HOU5EGO IN PARIS 


FRENCH CONSERVATIVE 
parties are seeking ways of 
warding off a challenge' from 
Mr Jean - Marie Le Pen, 
leader of the extremist right 
wing National Front, which 
could undermine their chances 
of success in next May’s pre- 
sidential elections. 

Since declaring his candida- 
ture last month, Mr Le Pen 
has held the headlines with 
statements on immigration, de- 
linquency and AIDS— all 
themes which opinion polls 
show worry a substantial seg- 
ment of the electorate. On 
AIDS, he brought on himself 
stinging denunciations from 
ministers after declaring on a 
widely-watched television pro- 
gramme that AIDS victims are 
contagious through “ their 
breathing, their tears, their 
saliva and through contact." 

With 10 per cent of voters 
backing him according to the 
opinion polls, Mr Le Pen heads 
the largest extreme right-wing 
movement in any major Euro- 
pean country. The fear of con- 
servative leaders is that at this 
level be could split the right- 
wing vote in a presidential 
election in a way that would 
damage the chances of the two 
most probable candidates. Mr 
Jacques Chirac, the Prime 
Minister, and Mr Raymond 
Barre, one of his predecessors. 

Of the two. Mr Chirac is the 
more vulnerable as his elec- 
torate is closer to chat of Mr 
Le Pen. 

Conservative parties are, 
however, torn on whether to 
try and woo National Front 
supporters by conciliatory 
measures, or whether to dis- 
sociate themselves from Mr Le 
Pen's popular demagoguery. In 
practice Mr Chirac's govern- 
ment is now doing both with 
the risk that be will alienate 


the centre while falling to 
regain the extreme right. 

On the one hand, the Govern- 
ment has thus decided to revive 
the proposed nationality law 
which will deprive second- 
generation immigrants of auto- 
matic citizenship. Likewise 

Mr Charles Pasqua, the Interior 
Minister, deliberately demon- 
strated his toughness this week 
in announcing tbat he was 


With 10 per cent of 
voters backing him 
according to the 
opinion polls, Mr Le Pen 
heads the largest 
extreme right-wing 
movement in any major 
European country 


prepared to deport illegal 
immigrants by “ trainload " — 
a remark that in the week of 
the Klaus Barbie trial earned 
him sharp attacks from the 
centre and left. 

At the same time more liberal 
members of the government, 
such as Mr Alain Juppe, the 
Budget Minister, have distanced 
themselves from the “ racism " 
and simplicity of Mr Le Pen's 
programme. Mr Juppe charac- 
terised Mr Le Pen as repre- 
senting all that was most 
“ backward, simplist and most 
perverse ” in French politics. 

Mr Le Pen’s hope Is that he 
will carry sufficient weight in 
the presidential elections to 
have a lever on cabinet-making 
in the government that is 
formed immediately afterwards. 


Nato tackles task of drawing 
up reply to Gorbachev offer 


BY DAVID BUCHAN IN STAVANGER 


NATO TODAY makes its first 
collective ministerial effort to 
come up with an Alliance 
answer to Mr. - yiHmfl , . Gor- 
bachev's sweeping proposal* to 
rid Europe of all • nuclear 
missiles with a. rangg^helwMn 
500 and 5,OpO,JdlometreS» 

Arms control will dominate 
Nato’s Nuclear Planning Group 
(NPG) meeting, which lasts 
today and tomorrow in this 
Norwegian oil port and is com- 
posed of 14 defence ministers. 
But a final Nato reply to Mr 
Gorbachev is not expected 
before mid-sommer. 

An early missile accord with 
Moscow would give President 
Ronald Reagan a useful distrac- 
tion from the Iran-Contra 
affair, but the US Administra- 
tion and other allies have made 
it clear they do not want to 
rush West Germany, Nato’s key 
front-line state, into making up 
its mind. Chancellor Helmut 
Kohl, presiding over a coalition 
government divided on Euro- 
pean nuclear arms control, has 


firmly refused to be rushed. 

There is a strong chance that 
General Bernard Rogers, the 
supreme Nato field commander, 
and General Wolfgang Alter- 
berfc-. chairman- nf the. Nato 
Military Committee, will tell 
the Stavanger . I meeting that 
either warhead reduction should 
be slowed down or warhead 
modernisation should be 
speeded up, if Nato is to lose 
all its Europe-based missiles of 
over 500 km range. If that is 
the soldiers* message, there is 
an equally strong chance of 
ministers concurring. 

An added problem for the 
West Germans is the last 
minute inclusion in Soviet pro- 
posals of a demand that US- 
controlled warheads of 72 
Pershing 1A missiles held by 
the West German air force 
must disappear as part of 
elimination .from Europe of 
shorter range intermediate 
nuclear forces (known as 
SRINF with a 500-1.000 km 
range). 


FINANCIAL TIMES SURVEY 
The Financial Times proposes to publish a 

COMPUTERS IN MANUFACTURING SURVEY 

on June 3 1987 

The following subjects will be covered: 

1. Automated manufacturing software 
standards 

Computer-aided design 
Computer-aided engineering 
Machine Vision 

International — The state of automated 
manufacturing 

Robotics and automated handling 
machinery 
Machine tools 
8. Case studies 

All editorial comment should be addressed to the Surveys 
Editor . A full editorial synopsis and information about 
advertising am be obtained from Stephen Thmbar-Johrtson, 
telephone 0-248 8000 extn 41 4S, or your usual Financial Times 
representative. 


2 . 

S. 

4. 

5. 


7. 


Western defence officials do 
not deny the military symmetry 
behind the Soviet demand. The 
West German Pershing ‘ lA's 
are all that Nato lias in the 
SRINF range, but they happen 
to match. the total of. 70 Soviet 
SRINF -"missiles in Eastern 
Europe and Western Russia. 
According to UK defence 
officials, there are 42 SS-12/22 
missiles in Eastern Europe, and 
16 SS-12/22 missiles and 12 
SS-23s in Western Russia. The 
Soviets have some 60 SRINF 
weapons in Asia, where toe US 
has none. 

However, Moscow is making a 
late change in the ground rules, 
some Western officials com 
plain, by including * “third coun- 
try” systems in what is 
supposed to be a purely bilateral 
superpower negotiation that 
had focused on launchers 
rather than warheads. 

Bonn’s dilemma, as its 
Defence Minister, Mr Manfred 
Woerner, is expected to spell 
out at the NPG meeting, is its 
probable isolation whatever Nato 
■iecioes. If Naio wants to accept 
the Gorbachev zero offer on 
SRINF, then only the West 
German Pershing 1A force 
stands in the way of agreement. 
If Nato rejects the SRINF zero 
option and demands a Western 
right to match toe higher 
global Soviet total on SRINF 
then West Germany might still 
be toe only recipient of extra 
Western Weaponry. 

“The Germans have got a 
difficult sophisticated political 
debate on their hands,” com- 
mented a senior UK defence 
official this week. 

Defence ministers and Nato’s 
uniformed top brass are this 
week likely to air fully the 
military reservations about toe 
Gorbachev proposals, knowing 
that Nato foreign ministers, at 
their Reykjavik meeting next 
month which is expected to be 
more decisive, will take a more 
political view of toe need to 
nail down an East-West accord. 


YOliD OWN PANTHER 
CDOm£9995on Tilt L'OAD 

mSti International Coathnork competition winners for sports cars 

♦ 1-6 and 2*8 V6 Fortl Engines •Aluminium body j 

• Wood veneered facia & door cappings <« 

Brook lands Special Edition and 

i used Kallistas also available 




/•i \*r 




S' 

i i 


K A L I. I S T A 


515 PANTHER 




PANTHER CAR COMPANY LTD., BROQKLANDS, BYFLEET, SURREY KT130YU- 
TEL; BYFLEET (09323) 54066 TELEX: 8955729 PANTHE C FAX: 09323 52036 


How to replace your bulging warehouse 

with a bulging wallet 


If a company is going to succeed abroad it must 
get die basics right. It has to deliver on time and to 
the right destination. This is where we come in. 




FIG l.AtoB. Door to door (ie no gomground the homes). 

DHL have been sticking to these particular 
golden rules for years delivering urgent documents 
worldwide. 

In fact we’ve stuck to them so well that now 
there isn’t another air express company that can 
match us. 


FIG 3. An empty warehouse means DHL are doing a 
good job on the road (and m the air). 

You would reduce costs on inventory, ware- 
housing and all those ' other overheads involved 
when stock stands idle. 




FIG 4. Up, up and away go those profit margins. 

Obviously with your costs going down, your 
margins would go up. And that’s not all. 

With a faster, more reliable service your 


especially happy. 



FIG 2. We can deliver twenty PC's faster 
than some companies can deliver one. 

We have the b iggest network, 800 offices in over 
160 countries, but did you know we express freight as 
well as documents? 

Now just think of all the potential benefits that 
DHL could offer your company. 

A reliable worldwide express service tailored to 
meet your needs. 

Not just as an ad-hoc service, but as a regular 
and integral part of your distribution needs. 

With DHL working with your business on a 
regular basis you’d see your costs massively reduced. 


ONLY DHL DELIVER FREIGHT THE WAY DHL DELIVER DOCUMENTS. =&**< y~ 

■ hob wane 


FIG 5. How will your customers feci about your new improved service? 





\ 


Financial Times Thursday May 14 1987 


AMERICAN NEWS 


Reagan ‘well informed on Contra policy’ 


BY LIONEL BARBER IN WASHINGTON 


PRESIDENT Ronald Reagan 
was kept intimately informed 
of all aspects of US policy 
towards the Nicaraguan Contra 
rebels, the Congressional hear* 
ing on the affair was told 
yesterday. 

Mr Robert McFarlane, a 

former National Security Ad* 
viser to the president, said he 
had held " dozens ” of meetings 
with Ur Reagan on the Contras, 
including their efforts in the 
rebellion against the Sandinista 
government. US intelligence 
briefings, and the inclusion of 
new political figures in the 
Contra movement. ‘There was 
real time reporting almost 
every day,” said Mr McFarlane. 

Mr Reagan's close interest in 
the fate of the Contras has been 
highlighted in Mr McFarlane's 
testimony this week to the joint 
House-Senate Select Committee- 
On Monday, he indicated that 


THE SWISS authorities have blocked the 
$10m which wu donated to the Nicaraguan 
Contra rebels by the Sultan of Brunei, but 
ended up in the wrong Geneva bank account, 
writes William Dullforce in Geneva. 

Mr Vladimir Stemberger, the magistrate 
In Geneva investigating Iran-Contra ramifi- 
cations, said be had ordered the money and 
the Interest earned on it to be frozen after 


the businessman. In whose account it was 
deposited last year, had voluntarily offered 
to restore It 

Credit Suisse, the bank to which the 
money was paid, said It would lodge charges 
of misappropriation against the unnamed 
businessmen, who earned 5253,800 in 
Interest on the sum having moved It to 
another Geneva bank. 


Saadi Arabia had contributed 
Sim a month to the Contras. 
This doubled after a meeting 
in February 1985 between King 
Fahd and the president in the 
White House. 

The Wall Street Journal, res- 
ponding to a White House denial 
that President Reagan had 
solicited funds from the Saudis, 
yesterday reported that Mr 
Reagan's handwritten notes in 
his diary showed he and King 
Fahd had discussed Contra 
funding. The discrepancy now 


lies in whether it was Mr 
Reagan or King Fahd who first 
brought up the funding idea, 
because soliciting money was 
against the law. 

Mr Reagan said yesterday that 
Ring Fahd had raised <he sub- 
ject at the end of their meet- 
ing. 

Mr McFarlane faced ques- 
tions yesterday from Congress- 
man Edward Boland, the 
Massachusetts Democrat who 
introduced legislation which 
banned all official military aid 


and any 

meat by the Central Intelli- 
gence Agency or the Defence 
Department between October 
1984 and October 1986. 

On several occasions, Mr 
McFarlane conceded he bad 
withheld information from 
Congress about the activities of 
Lt Col Oliver North, the sacked 
White House aide. He also 
admitted that Col North’s 
Involvement in helping raise 
funds for the Contras could 
have broken the law. 


Later, Hr McFarlane was 
questioned by Mr James 
McClure, the Idaho Republican 
who asked if Israel had been 
the prime instigator in the sale 
of US weapons to Iran in 1985- 
1988. Mr McFarlane agreed but 
pointed out that both Israel and 
US government officials, includ- 
ing President Reagan, were 
aware that Israel’s interests in 
the Middle East differed from 
the US. 

Senator McClure said that 
Israel had a strong interest in 
selling anti-tank weapons to 
Iran in its war with Iraq 
because Israel was worried 
about an Iraqi tank strike on 
itself. Mr McFarlane agreed. 

Asked about the sale by Israel 
— on US approval — of several 
hundred Tow anti-tank wear 
pons, Ur McFarlane said: “I 
do believe it was a little 
extravagant.” 


Athena Damianos and Robert Graham report on controversy in the Bahamas 

Findling sets out to charm the electors 


THE BIBLICAL nickname of 
Moses has stood Sir Lynden 
Pindling, the Bahamas Prime 
Minister, in good stead ever 
since gaining power in 1967 
from the established white elite 
and subseqentiy leading his 
people to independence from 
Britain. 

His reputation as a father- 

figure has enabled him to ride 
out a mounting tide of con- 
troversy over allegations link- 
ing him and his governing Pro- 
gressive Liberal Party (PLP) 
with drugs- related corruption. 
But he is going to need all his 
skills to retain the premiership 
in the elections he has just 
called for June 19. 

Elections were due in Novem- 
ber. However, Sir Lynden has 
brought forward the date 
largely to prevent the opposition 
Free National Movement (FMN) 
capitalising further on the 
drugs - corruption issue. The 
opposition has been availing 
itself of parliamentary privilege 
to challenge the government 
with an embarrassing series of 
allegations that are proving in- 
creasingly difficult to shake off. 

Sir Lynden is also under 
attack for padding out the civil 
service with friends and sup- 
porters so that the 14,000 
employees now account for 65 


per cent of recurrent expendi- 
ture. His support is also being 
eroded by his failure to tackle 
the high unemployment in the 
islands, now believed to be over 
20 per cent in a total population 
of only 250,000. With more than 
two-thirds of the population 
under 25, first-time voters and 
the disaffected youth vote could 
play a vital part in determining 
what promises to be a close run 
election. 

Money laundering 

The outcome will be watched 
closely by the Reagan Admini- 
stration, which has shown signs 
of considerable exasperation 
with Sir Lynden’s Government 
over his failure to co-operate 
adequately with drug enforce- 
ment policies and the preven- 
tion of money-laundering 
through Nassau’s offshore bank- 
ing facilities. Bahamas at pre- 
sent is npt included in the 
Reagan Administration's Carib- 
bean Basin Initiative because 
of a refusal to agree on treaties 
permitting co-operation on the 
investigation of " narco-dollar ” 
bank accounts. If the FMN 
were to gain power, a more 
conservative co-operative and 
less nationalistic government 
would emerge. 


Sir Lyn den's FLF currently 
holds all but 11 of the 43 seats 
in the National Assembly. How- 
ever, this majority from the 
previous elections conceals the 
fact that In many constltuences, 
the conservative FMN came 
close to winning, especially in 
middle class districts. 

Recently, Sir linden raised 
the number of seats to be con- 
tested to 49. Clearly he antici- 
pates this will be to the PLFs 
advantage; but such a 
manoeuvre might backfire. In 
Nassau, the opposition has been 
quick to point out that the 
Bahamas has more parliamen- 
tary seats per capita than any 
other Commonwealth de- 
mocracy. More Immediately 
controversial has been Sir 
Lynden’s move to nominate his 
wife. Marguerite, as a parlia- 
mentary candidate. She has 
been regarded as a powerful 
behind-the-scenes figure. 

Judging from the first shots 
in the campaign. Sir linden 
is expected to play hard on 
Rahamian nationalism by pre- 
senting himself as the sole 
person capable of standing up 
to the US. In tills respect he 
can still count on a solid block 
of older black voters who re- 
member his breaking the hold 


of the white "Bay Street Boys” 
who traditionally dominated 
the islands’ business. 

The opposition, led by Mr 
Kendal Isaacs, QC, is expected 
to conduct a two-pronged 
attack. On the one hand they 
will offer an economic pro- 
gramme designed to encourage 
foreign investment and cut the 
role of the state. On the other 
it will focus on the disrepute 
of the Findling Government 

Planned sting 

The opposition has plenty of 
amwmnitirtw, in March it was 
revealed that the US State De- 
partment had held bade a 
planned sting operation in 
Miami which aimed at snaring 
Sir Lynden and his top aides on 
bribery charges. The operation, 
set up for December 1984, was 
to culminate in the prime minis- 
ter taking a cash pay-off from 
informants posing as drug 
smugglers, according to Mr 
James Rider, an organised 
crime investigator with the 
Metro Dade County police de- 
portment. 

After this matter was brought 
up in the Assembly on March 
17, Sir Lynden prorogued par- 
li ament Ostensibly, the move 
was made to permit a FLF 


member take his seat after win- 
ning a by-election. In practice 
the prorogation forestalled de- 
bate of disclosures by Mr 
Hubert Insraham, a former 
cabinet minister, who had been 
fired in 1984 for co nfro nting 
Sir Lynden with corruption 
allegations. 

Meanwhile the US has 
expressed its strong displeasure 
in so far having failed to extra- 
dite Nassau lawyer Mr Nigel 
Bowe to face charges that he 
conspired to import cocaine 
Into the US. 

Mr Bowe was arrested on 
October 4 1985 and released on 
a 81m bond. Extradition pro- 
ceedings have been quashed by 
the Supreme Court because of 
“ procedural error** by Baha- 
mian authorities. 

The State Department said 
the request has been held up 
on " specious ” legal grounds. 

Drug Enforcement Adminis- 
tration sources have been 
quoted as saying that they are 
very close to a case against Sir 
Lynden. 

“If we get Bowe back here, 
we know hell talk. So we know 
Pindling will never let Bowe be 
extradited,** the Washington 
Times reported a DEA agent 
saying. 


Missile pact 
*110 bar’ to 
tests of 
SDI parts 

By Stewart naming, US Editor, 

In Washington 

THE REAGAN Administnt 
that yesterday took another 
step towards a confrontation 
with Co ng res s an anus con- 
trol policy, and a step away 

from an agreement with the 
Soviet Union mi long-range 
strategic missiles. 

The White House announ- 
ced that the second phase of 
Us study of the 1972 anti-bat 
Ifstic mfeatie treaty, that deals 
with the ratifi c a tion in the 
Senate, raises no obstacle to 
testing sophisticated com- 
ponents fer the US Strategic 
Defence Initiative. 

Mr Martin Fttzwater, the 
White House spokesman, an- 
nouncing the results of the 
State Department study, said 
this did not mean a final deri- 
sion had been taken to adopt 
a broad interpre ta tion of the 
ABM treaty. 

This would not he 
taken until June. The White 
House anticipates that then 
the third phase of Us exami- 
nation of the record ef the 
practices of the US and the 
Soviet Union under the 
accord will be complete. 

Critlris of the administra- 
tion's hard Hue on SDI are 
convinced, however, that the 
administration will adopt the 
broad intepretatlen. The 
Soviet Union has made dear 
that constraints on SDI are 
an essential element of any 
strategic anus accord and 
that re-interpretation of the 
treaty, te make SDI testing 
easier, would be an obstacle 
The administration’s deri- 
sion will cre at e a st o rm of 
pretest In Congress where 
Senator Sam Nunn, the 
Georgia Democrat who may 

Well be fh* wtaf f tnUwPwtial 
member on arms control 
Issues, has warned ef a con- 
stitutional confrontation. 

He fr— maintaine d that, 
when the Senate approved 
the treaty. It did so on the ' 
basis of the narrow interpreta- 
tion which would restrict SDI 
testing and Out given the 
constitutional role of the 
Senate in ratification of 
treaties, the executive branch 
cannot unflateraHy re- 
interpret them. 


Brazil restricts 
price rises to 
80 % of inflation 


BY IVO DAWNAY IN RIO DC JANEIRO 


the Brazilian Government has 
acted to curb excessive price 
rises fay insisting on no more 
than one increase each month 
on any noD-agricultnral product 
It has also introduced punitive 
fines on speculative pricing. 

Mr Luix Bresser Pereira, the 
Finance - Minister, also 
announced that all increases 
must represent less than 80 per 
cent of the monthly inflation 
rate. Any hither rises will need 
authorisation, by officials who 
are now set to take a much 
firmer band in monitoring 
wholesalers and retail outlets. 

Those deemed to have im- 
posed unjustified increases may 
be fined , up to 25 per cent of 
their monthly sales, though the 
criterion for establishing this 
remains unclear. 


The measures followed a 
furious row last week between 
the Government and the 
business community over a wave 
of rapid price increases — many 
exceeding 100 per cent. 
Businessmen claim that the rises 
last Friday, whereby super- 
markets in various cities more 
than doubled their charges in 
one day, stemmed from fears 
that a new price freeze was 
Imminent. 

The new restrictions have re- 
ceived a guarded welcome. Mr 
Mario Amato, chairman of 
Fiesp, the Sao Paulo state In- 
dustrial federation, last week 
blamed the Government for the 
price rise surge. But he 
appeared yesterday to welcome 
the new curbs. 


Atfonsin Bill seeks to 
absolve junior officers 

BY TM COONE IN BUENOS AIRES 


A HIGHLY controversial bill to 
exculpate -junior officers and 
other ranks in the Argentine 
armed forces from responsibility 
for homicide and torture during 
the repression by the military 
regime of 1976-83, is to be 
debated in Congress this week. 

The bill is being tabled on 
behalf of President Raul 
Alfonsin, in an apparent bid to 
ward off further military unrest 
In the country, £ 1 

It would amount to what 
human rights oganisatians have 
labelled a “ de facto amnesty” 
for all military and police 
personnel below the rank of 
colonel, or the equivalent, who 
have been charged, or are 
accused, or serious abuses 
during the military regime. 

More than 350 military and 
police personnel stand accused, 
most of them below the rank 
of colonel. 

The Government's view la 
based on the report made by Its 
attorney-general, last week, that 
middle and junior ranks of the 
armed forces were obliged to 
follow orders as part of a 


military - campaign aimed at 
physical elimination of anyone 
who might have been remotely 
connected with the guerrilla 
movements active in Argentina 
at the time. 

The report says that only 
those responsible for organising 
the campaign may be considered 
guilty of the crimes committed. 

The courts have established 
that junior officers bear respon- 
sibility for their actions. A 
rebellion last month by junior 
officers — as a response to the 
start of trials — - amounted to a 
direct challenge to the govern- 
ment and the judiciary. 

The government’s attempt to 
change the law is widely inter- 
preted as a big concession to 
the armed forces, sectors of 
which have continued to 
threaten further rebellion jf the 
trials continue. 

Renter adds from Paris: 
Argentina will meet the Paris 
Club Of creditor governments 
next week to seek the reschedul- 
ing of $L8bn (£L08bn) of its 
550bn foreign debt, financial 
sources said. 


OVERSEAS NEWS 


Peres retreats 
in Cabinet over 
peace conference 


BY ANDREW WHITLEY IN JERUSALEM 


THE ISRAELI Labour Party 
yesterday stepped back from its 
threat to break up the coalition 
government, as the second 
round of a crucial Cabinet 
debate over a Middle East 
peace conference plan again 
ended in deadlock. 

The failure of Mr Shimon 
Peres, the Foreign Minister, to 
force a decision represents a 
humiliating setback for the 
Labour leader, vigorously pro- 
moting a framework agreement 
he reached last month with 
Jordan's King Hussein. 

Last night he postponed a 
planned five-day visit to 
Washington, to consult with his 
Labour colleagues what their 
next steps should be. 

Further movement towards 
a UN-sponsored international 
conference is now likely to 
await a resolution of the 
convoluted Israeli political 
scene. With the Government’s 
credibility gravely damaged by 
the fierce in-fighting of recent 
weeks over the peace plan, 
intensive wooing of the 
minority parties in the Knesset 
has already begun. 

Aware that Labour could not 
muster enough support in 
parliament to force through a 
dissolution motion. Prime 

Minister Yitzhak Shamir, the 

fiard-line Likud leader, yester- 
day stood his ground in the 
resumed meeting of the inner 


cabinet If Labour wanted to 
withdraw from the 31-month 
government it was welcome to 
do so the Prime Minister 
reportedly said. 

Labour, the largest single 
party in the 120-member 
Knesset with 44 seats, could 
abandon the Government But 
Likud with the support of other 
smaller parties from the reli- 
gious nationalist right is cap- 
able of continuing in office as 
a minority administration until 
October 1988, the scheduled 
end of the Government's term. 

After a 31 hour debate, it was 
Mr Peres who was forced yes- 
terday to climb down, after 
weeks of mounting political 
tension which had made early 
elections appear inevitable. 

“The best solution is to go to 
the nation and let them 
decide,” the Foreign Minister 
declared afterwards. But he 
made dear he would be staying 
on In the Government, for the 
moment at least, until he had 
won over the minority support 
h e needs to force a break-up 
on Labour’s terms. 

Putting a brave face on his 
defeat Mr Peres commented: 
“The Cabinet is divided in half, 
and I do not think we have to 
give an ultimatum to the Likud 
Party and I do not think Likud 
has to present us with an 
ultimatum.” 


Bangladesh economy hit 
by slide in jute price 


BANGLADESH’S economy 
needs an overhaul because its 
problems are overwhelming, 
heightened by a slump in the 
world jute market the World 
Bank said. Reuter writes from 
Dhaka. 

The Bank's confidential 
annual report on Bangladesh, 
calls for strong action to boost 
exports of non-traditional com- 
modities, impose tight credit 
controls and evolve a better 
development strategy. 

Nearly 80 per cent of 
Bangladesh's nearly 105m 
people live in poverty, accord- 
ing to Bank statistics. The 
country has a per capita gross 
domestic product of 5148. 

Economists here said they 
agree with the Bank’s forecast 
that the economy will shrink 
by at least 2 per cent this year 
because of a dramatic slide In 
the prices of jute, the country's 
main export 

The Bank said gross domes- 
tic product would grow at an 


average 4 per cent this year, 
compared with 35 per cent 
last year, if the economy can 
maintain the development 
momentum initiated by the 
Government 

The Government has told the 
Bank It plans to boost agricul- 
ture, explore wider markets 
for jute, set np more privately 
owned industries and create 
more job opportunities. 

The Bank said Bangladesh’s 
GDP will grow faster than 
African countries but slower 
than India and China, the 
world's two largest low-income 
countries. 

It said Bangladesh's balance 
of payments deficit is expected 
to fall to 6.3 per cent of GDP 
by June 1987 from 6.9 per cent 
in 1986, largely because of a 
reduction in imports caused by 
a drop in investment 

The report was presented to 
the annual meeting of the 
Bangladesh Aid Consortium in 
Paris last month 


Sri Lanka 
plans limited 
autonomy 


The Sri Lankan Government 
plans to pass a law giving lim- 
ited provincial autonomy to 
minority Tamils to prove its 
sincerity in implementing a 
political solution to the fbnr- 
y ear -old Tamil rebellion, a 
senior Cabinet minister said 
yesterday, Renter reports from 
Colombo. 

Mr Ronnie be Mel, the Fin- 
ance and Planning Minister, 
said in an interview that Presi- 
dent Junius Jayewardene 
wanted to hold elections in all 
nine provinces after parliament 
passes legislation on devolving 
powers to provincial coun- 
cils. “It it goes through, the 
president's intentions was that 
he will hold elections In seven 
provinces where there is peace.” 

Beirut car bomb 

A car bomb exploded near a 
main Syrian military base along 
the palm-lined Beirut Corniche 
yesterday killing a Syrian 
soldier and wounding two 
others in the second such attack 
since March, Lebanese police 
officials said, Non Boustanz 
reports from Beirut- 

Col Aly Hammoud. the chief 
of Syrian military observers in 
Lebanon, said the car blew up 
a few yards away from the sea- 
front Syrian position and con- 
ceded that “there were some 
casualties among the troops.” 

Smith quits party job 

Mr Ian Smith the former 
Rhodesian Prime Minister said 
he had quit as leader of the 
Conservative Alliance of Zim- 
babwe, Reuter reports from 
Harare. Mr Smith, who was 
suspended from parliament last 
month, said be would continue 
to be actively involved in 
politics. 


Police hold 175 in crackdown on Sikh extremists 


BY KJC SHARMA M NEW DELHI 


POLICE and security forces 
In Punjab state swooped on 
suspected Sikh extremists 
yesterday in a first move to 
check terrorist activity alter 
the dismissal of the moderate 
government of Mr Suijit 
Singh Barnala on Monday 
night. 

Among the 175 people 
arrested hi Punjab was a 
minister in Mr Bamala’s 
Cabinet believed by the police 
to have dose contacts with 
the terrorists who have been 


responsible fer about 8ft kill- 
ings a month in the past few 
months. 

Hie arrested minister was 
Mr From Singh Cbandnmajra 
who had the portfolio of co- 
operation in Mr Baznala’s 
Cabinet The quick arrest 
follows the report by the 
Punjab governor recommend- 
ing dismissal of the state 
government and Imposition of 
president's rule in Punjab. 
One of the reasons he gave 
for this was that many 


ministers had dose contacts 
with terrorists. 

Mr Barnala yesterday con- 
demned the anest of Mr 
Chandomajn and claimed 
tills was dene to damage the 
image of his Akali Party and 
f i»mer oriniwtera in hlo 
Cabinet; 

Maintenance of law and 
order in Punjab b now under 
the direct charge of Mr Julius 
Blbeiro, the police chief who 
has been given a year's exten- 


sion in his job by the Punjab 
governor. Mr Rlbeiro was 
recently involved in 
exchanges with one of Mr 
Barnala’s ministers over bis 
charge that senior poUtidans 
were in league with bud- 
core tevTorifts. 

The decision to impose 
president's rale has had a 
mixed reception and many 
opposition leaders have 
accused Mr Rajiv Gandhi, the 
Prime Minister, of taking the 
decision to do so to promote 


the chances of his Congress-1 
Party in Haryana state elec- 
tions to be held on Jane 17. 

Mr Gandhi has lost a series 
of state elections in recent 
months and needs a victory 
in Haryana to show that he 
is capable of winning votes. 
Haryana adjoins Punjab and 
stands te lose Chandigarh as 
its capital as well as irriga- 
tion water if the Punjab 
peace agreement signed by 
Mr Gan d hi and the Sikhs is 
implemented. 


AUSTRALIAN BUDGET 


Keating aims for 21% growth 


BY CHRIS SHERWBJL IN SYDNEY 


THE following are the details 
of yesterday's Australian mini- 
budget: 

• The Government has assumed 
gross domestic product will 
show real growth of around 2.5 
per cent in 1987-88, probably 
one point higher than this year. 

• The consumer price index is 
assumed to rise 7.25 per cent 
in the year, lower than the 
current 9 per cent rate. The 
assumed Australian dollar ex- 
change rate is the average for 
the March quarter. Implying a 
value of 54 for the trade 
weighted index (May 1970= 
100) against the present level 

of 55.3. 

• The ASlbn (£428m) cut in 
payments to state governments 
is not negotiable. The pre- 
miers' conference later this 
month will have to decide 
whether the cuts come in 
revenue grants or capital assist- 
ance, and also whether to accept 
another ASlbn cut in 1988-89. 

• The defence budget will 
suffer a real 1 per cent cut in 
1987-88, saving A$350m, and 
show 1 per cent growth in 


1988-89 and 2 per cent in 1989* 
1990. This is well short of the 
3 per cent growth per year 
originally planned. The cuts 
are more likely to hit capital 
than recurrent spending, 
although details are not known. 

• The estimated Aglbn ha 
assets to be sold include eight 
international aviation ter- 
minals, various military Instal- 
lations including a dockyard and 
aircraft factory, a 12.5 per cent 
stake in the private industry 
bank, part of the Tokyo em- 
bassy site and the ambassador's 
residence in Paris. 

• Federal agencies to lose 
exemptions from customs duty 
and sales tax Include Australia 
Post 

• Foreign aid will suffer a 
farther cut of A$20m in 1987-88 
and in 1988-89, in part because 
of a rise in overseas student 
charges. Last August aid was 
cut by A$70m. 

• Family allowances will no 
longer go to those with a joint 
parental income of more than 
A350.000 (rising by A32.000 per 
child for the second and subse- 


quent children). Social security 
should be about providing 
assistance to those in need, Mr 
Keating said. Total social 
security savings are put at 
A*408m. 

• Unemployment benefits for 
16- and 17-year-olds will be 
abolished, to be replaced with 
a Job search allowance. The aim 
is to eliminate the Incentive 
for young people to leave 
school and go onto welfare. 

In hiii address, Mr Paul 
Keating, the Treasurer, said 
Australia was winning in its 
bid to reverse the deterioration 
In its economic circumstances. 

"For the first time .In Its 
histOTy Australia now stands 
on the verge of breaking away 
from its precarious dependence 
on a narrow range of primary 
exports,” he said. 

The government was freeing 
the country from “ the dictates 
of the international financial 
markets,” he said. “We are 
clawing baric Australia's finan- 
cial Independence. But to see 
this process through we cannot 
relax for a moment” 


Claim of flagging Hong 
Kong confidence denied 

BY DAVID DODWELL IN HONG KONG 


MR DAVID FORD, head of 
Hong Kong’s civil service, yes- 
terday challenged recent claims 
that confidence In the territory 
was flagging, and pointed to in- 
creased home ownership, heavy 
investment in substantial con- 
struction projects, and the re- 
turn of many emigrants to work 
in the territory, to support his 
challenge. Hong Kong reverts 
to Chinese sovereignty in 1997. 

Mr Ford told legislative coun- 
cillors yesterday that when the 
Hong Kong Government last 
year put 13,000 flats up for sale 
under its home ownership 
scheme, almost a quarter of a 
million people tried to buy one 
—evidence, he argued, that a 
growing number of people want 
to own their own homes is a 
“fair indicator** of steady con- 
fidence. 

Retained Imports of indus- 
trial machinery, an Important 
indicator of confidence in the 
manufacturing sector, rose by 
26 per cent, he said. Massive 
pri vate sec tor investment in in- 
frastructure projects — such as 
a second cross-harbour tunnel, 
the container port, and big pro- 


perty developments also “indi- 
cate a high level of confidence,'* 
he said. 

The statement at the terri- 
tory's weekly Legislative Coun- 
cil meeting came just a week 
after the publication of a sur- 
vey that showed those lacking 
confidence in Hong Kong's 
future had grown from 14 per 
cent o f the population in 1985 
to 27 per cent today. 

The survey also indicated 
that more than a third of Hong 
Professionals already 
nau foreign passports, or were 
trying to get them. 

While not disputing the sur- 
vey s findings. Mr Ford recalled 
f. worldwide gallup poll pub- 
lished five months ago that 
showed Hong Kong people were 
more confident about the future 
than any of the other 30 coun- 
tries surveyed. 

While not concealing that 
many in Hong Kong were 
apprehensive, Mr Ford said the 
territory had " every reason to 
face Its future with a good deal 
more confidence than many 
other places.” 


Iraq ‘used chemical weapons 9 


BY OUR UNITED NATIONS CORRESPONDENT 


A UNITED NATIONS panel of ex- 
perts has again unanimously deter- 
mined that Iraq employed chemical 
weapons in its war with Iran in 
what they called “one of the gravest 
infringements of international 
norms." 

For the first time since the UN 
began investigations of the matter 
in 1984, the experts - doctors from 
Spain, Sweden. Switzerland and 
Australia - reported civilian casu- 
alties. They also said that Iraqi mili- 
tary personnel were injured by 
rb»fni<-ai agents, which were main- 
ly mustard gas but possibly also 
phosgene. 

Nerve agents were probably used 


on some occasions, the report issu- 
ed yesterday said. 

“From the examination of weap- 
on fragments found in tiie Khor- 
ramshahr area, chemical bombs 
similar to those used in 1984 and 
1988 have again been used against 
Iranian forces, indicating their con- 
tinued deployment by Iraqi forces,” 
the report said. In addition, it is 
most likely that chemical rockets 
have also been used against this 
area.” 

Mr Javier Ftere* de Cuellar, the 
UN Secretary General who appoint- 
ed the panel, drew attention to the 
member^ observation that there 
was now technically little more 
they could do to hdp the organisa- 


tion prevent chemical warfare in 
the Gulf.. 

Referring to the 1925 Geneva pro- 
tocol which outlawed gas warfare 
after the ravages caused in World 
War One, Mr Perez de Cuellar said 
oily concerted political efforts 
could hold out any hope of main- 
taining commitment to “this vital 
protocol, mast importantly in the 
present conflict." 

He pledges his own continuing ef- 
forts to find a comprehensive, just 
and honourable settlement to what 
he called “this protracted and rui- 
nous conflict." 

The Security Council, to which 
the report was addressed, has tried 
for years to halt the wax; 


Zimbabwe increases trade surplus 


BY TONY HAWKWS M HARARE 

ZIMBABWE'S trade surplus in- 
creased 52 per cent to Z$530m 
(USHHOm) list year, according to 
official figures, but this is well be- 
low the previously .estimated trade 
surplus of ZS838m. ' 

Exports increased more than 20 
per emit to just aver US$L3bn while 
imparts were up 13.5 per cent at 
USSlbn. Economists point out that 
the trade surplus had been 
achieved partly by a awfanfag 
tight damp an imparts. This view is 
sustained by trade volume figures 
for the previous year which have 
just been released, showing that in 


1985 tine volume of imports fell 12 
per cent to their lowest levels since 
independence in 1980. Import vol- 
umes are estimated to have f allen 
further last year while in the first 
half of 1987 foreign currency alloca- 
tions for indnstry have been cut by 
more than a third and currently 
purchase only 20 per cent of their 
1981 levels of imports. 

The latest figure show that even 

in a boom year for the Zimbabwe 
economy - grass domestic product 

rose more than 8 per cent in 1085 - 
export volumes fell, declining 45 
per cent to their lowest levels since 


198L Ironically, export volumes in 
1985 were lower than for much of 
the sanctions period of the 1970s 
and a full 15 per cent below their 
levels of 10 years previously. 

It is dear from the affinal statis- 
tics that favourable terms of trade 
effe ct s - partially induced by cur- 
rency depreciation on Zimbabwe's 
part, helped to boost the trade sur- 
plus. In 1985 the terms erf trade 
(1980— 100) at 1234 reached their 
highest level for 11 years. In the 
first five years of independence ex- 
port prices rose 89 per cent, while 
import prices were up 53 per cent 


12 FRKK issues 


when you first subscribe to the F.T. 
0 Frankfurt (069) 7598-101 












\S o 






of 


stock 
Q 

«as 01B1 wl 

^<ss s " 

jg$?g&ss& n 

ls cotf«f* 0t ^ BU -u 

numb® 0 . n ort rt -j 

lS TOEBE^SOOfH 


^JSSss^^ 

•-r^gSSss^ 

tWtRl MR . Robson R^' 0 0 U e «on Q ' *« 


fc £ * p e cMn OD\\COV' 0 ° tOVV . 

$,<sU • An RU odes \ounc^d 


rssi^' 

-*asss^ 


oui’ 




• • 


• • 




y_OND°^ 

QN CU9«S^ S^> 

„-S=5 -3^55. SS 

VAliGH a 1 qqRPOR^ v>t CONSU ^^ 0 ( , oHDOH) 

"ts”-" ^r»»»sr ss 

-“£5S JSSS-- ' 





gx&&80igsz**r 


PAR" 1 


,,,„„««->»'“3»S?35»»-”'" s '”‘ ”° 






fe'iiuuititfi Aimes ’inursday May 14 1987 



WORLD TRADE NEWS 


Details have been agreed for an unprecedented co-operative effort, Louise Setae reports from Dallas 

to make US world leader in semiconductor technology 


THE US semiconductor indus- 
try has agreed an unprece- 
dented co-operative effort to 
reestablish the US as the world 
leader in semiconductor chip 
technology. 

By pooling resources and 
talents, with government back- 
ing, the US chip makers aim 
to accelerate development of 
chip production technology and 
overtake Japanese competitors. 

The project, called Sematech, 
has received the industry’s offi- 
cial approval with the unani- 
mous vote of the Board of 
Directors of the Semiconductor 
Industry Association, r a trade 
group representing the 
d us try. 

After months of debate over 
the siz* and scope of the pro- 
ject. Sematech will now move 
ahead in top gear. 

“ We will begin efforts imme- 
diately to raise funds, to find 
executives to run Sematech and 
to select a manufacturing site,” 
said Mr Charles Sporck. presi- 
dent of National Semiconductor, 
who has spearheaded the pro- 
ject 

" We aim to have It up and 
running by this fall. Sematech 
plans to produce its first chips 
fay the second half oE 1988 and 
to achieve parity with Japanese 
manufacturing technology by 
1990.” 

The project is an ambitious 
one, Mr Sporck acknowledges. 
It is, bowever, "absolutely 
essential that it is launched 
without delay to stop the ero- 
sion of America’s semiconduc- 


tor industry by subsidised 
foreign competitors. 

"As an industry and a na- 
tion, we must make leadership 
in micro-electronics a national 
priority." 

The cost of Sematech, ?lJ5bn 
(£9 37m) over six years, is too 
much for any one company or 
even the entire industry to bear, 
Mr Sporck went on. The chip 
makers are seeking half the 
funds for their project from the 
US Government. Member-com- 
panies will, however, he 
required to contribute 1 per 
cent of their semiconductor 
revenues to the effort 

Originally, Sematech was to 
have involved the large-scale 
manufacture of memory chips, 
a market sector in which US 
manufacturers have lost out to 
Japanese competitors. 

The prospect of a co-operative 
manufacturing organisation 
supported by government funds 
was, however, too radical for 
some of the Industry's Washing- 
ton supporters. 

It was also proposed by key 
industry participants, including 
IBM and Texas Instruments, 
both of which have major 
memory manufacturing opera- 
tions. 

The final plan "represents the 
collective thinking of the indus- 
try. As competitors, we battle 
for markets and sales, but in 
our desire to see this industry 
succeed, we stand united," Mr 
Sporck declared. 

With this bold decision, the 
US semiconductor industry is 


4 Sematech plans to 
produce its first chips 
by the second half of 
1988, and to achieve 
parity with Japanese 
manufacturing 
technology by 1990,* 
Mr Charles Sporck, 
(right) who 
spearheaded the 
project says 


telling the world we are united 
in our determination to lead the 
industry we invented." 

As described by Mr Sporck 
and a group of industry execu- 
tives in Dallas. Sematech will 
set out to develop next gener- 
ation semiconductor production 
processes, materials, tools and 
test equipment 
Member-countries will con- 
tribute funds and lend engi- 
neers— "the best la their fields” 
—to the project 

Sematech will set up its own 
pilot production line an which 
new technology will be proved, 
but will not manufacture com- 
mercial products. The product 


Anglo American Coal 
Corporation Limited 

(Incorporated In the Republic of South Africa) 


Company Registration Number 01/01489/06 

RESULTS FOR THE TEAR ENDED MARCH 31 1987 
AND DECLARATION OF FINAL DIVIDEND 


Turnover 


1987 

RQ06 

1182257 


Profit before amortisation, depreciation and taxation 
Deduct: 

Amortisation of mining assets ................................. 

Depreciation of refractory assets 


1986 

R000 

1075424 

491135 


Profit before taxation 

Deduct: 

Taxation-Normal 

— Deferred tax benefits 


30981 | 

27 991 

6748 j 

7342 


417698 


4558Q2 


141332 

162470 

81998 

86519 


Profit after taxation 


Deduct: Earnings attributable to outside shareholders in 
subsidiary companies 

Earnings attributable to Amcoal shareholders ............... 


194768 


190894 


206813 


203434 


Dividends declared: 

No. 127 of 80 cents per share declared November 11 1986 ... 
No. 128 of 160 cents per share declared May 13 1887 


Total dividends 


Earnings per share (cents) ... 
Dividends per share (cents) 


Interim 
Final .. 


Dividend cover 

Net expenditure on fixed and mining assets 


19 552 

19532 

39104 

39104 

68656 ‘ 

• 58656 

24439 890 

24439890 

78L1 

832.4 

2400 

24W> 

80.0 

80 A 

160.0 

160.0 

325 

3.47 

180188 

192 356 


COMMENTS 

1. Total sales of coal and coke for the year were 40.9 million tons, compared with 
3 7.3 million tons sold during last year. The increase in sales was largely due to 
higher sales to Escom. 

2. Earnings for the year, at R190S94 000, were 6.2 per cent below those achieved In 
the previous year. As anticipated in the interim report, earnings for the second 
half of the year were lower due to lesser rand realisations from coal exports with 
a continued decline in US dollar prices end a strengthening of the rand/US dollar 
exchange rate. Earnings for the second six months of the year were R87 281 000, 
15.8 per cent below the III 03 613 000 earned in the first half of the year. 

3. A final dividend of 160 cents per share has been declared, resulting in a total 
maintained dividend of 240 cents per share for the year. 

4. Income from coal exports will reduce further in the current year as a result of 
low US dollar prices, the strengthening of the rand/US dollar exchange rate and the 
Increase in the cost of railing coal to Richards Bay. This reduction In income 
will not be offset by increased earnings in the domestic market and the Group's 
total earnings for the current year are expected to be substantially lower than 
those for the year just completed. However, Am coal’s financial strength and well 

covered dividend will ensure, barring unforeseen circumstances, a maintained 

dividend for 1987. 

The annual report for the year ended March 31 1987 will be posted to members on 
or about May 19 1987. 

DIVIDEND No. 138 

Dividend No. 128 of 160 cents pa share (1986: 160 cents per share), being the final 
dividend for the year ended March 31 1987 has been declared payable on July 3 1987 to 
members registered in the books of the company at the close of business on May 29 
1987. This dividend, together with the interim dividend No. 127 of 80 cents per 
share declared on November 11 1986, makes a total of 240 cents per share (1986: 240 cents 
per share) for the year. 

The transfer registers and registers of members will be closed from May 30 to June 14 
1987 both days inclusive, and warrants will be posted from the Johannesburg and 
United Kingdom offices of the transfer secretaries on or about July 2 1987. Registered 
shareholders paid from the United Kingdom will receive the United Kingdom currency 
equivalent on June 2 19S7 of the rand value of their dividends, less appropriate taxes. 
Any such shareholders may, however, elect to be paid in South African currency 
provided that the request is received at the offices of the company’s transfer secretaries 
In Johannesburg or the United Kingdom on or before May 29 1987. The effective rate 
of non-resident shareholders 1 tax is 16 per cent 

The dividend is payable subject to conditions which can be inspected at the head 
and London Offices of the company and at the offices of the company’s transfer 
secretaries in Johannesburg and the United Kingdom. 

Ry order of the board 

ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED 

Secretaries 
dpt a g j. Mi llc naar 
Seniw Divisional Secretary 

Transfer Secretaries: R e g is t e red Office: 

Consolidated Share Registrars Limited 44 Main Street 

40 Commissioner Street Johannesburg 2001 

Johannesburg 2001 

(P.O. Box 6105 L Marshalltown 2107) London Office: 

and 40 Holbom Viaduct 

mu Samuel Registrars limited London EC1P 1AJ 

6 Greeneoat Place, London SW1P 1PL May 13 1887 



"vehicle” for Sematech tech- 
nology will, however, be 
memory-chips, industry execu- 
tives said. 

Once developed, Sematech 
technology will be made avail- 
able to member-countries. The 
success of the projects will 
depend heavily on the effective 
transfer of technology to its 
members. 

This transfer has proved to 
be a pitfall for other coopera- 
tive research efforts, but Sema- 
tech which will undertake 
development of commercially 
applicable processes and equips 
meat, should face less problems, 
Mr Sporck believes. 


Argentina 
and US in 
talks on 
Gatt round 

By Tim Coone in Buenos Air** 
EXPLORATORY talks have 
taken place between the US and 
Argentine Governments oyer 
adopting a common approach 
in tiie current round of Gatt 
talks. 

Mr Qiaries Blum, a senior 
US trade representative, and 
under-secretary at the 'White 
House, spent three days in 
Argentina this week, meeting 
local trade officials and repre- 
sentatives of the private 
sector. 

He said later that his talks 
had been "constructive.” and 
that there existed '“room- for 
significant collaboration '* with 
Argentine. . in . tfee . g . wwr ft fflk ; 
Uruguayan Gatt round. 

The problem of protectionism 
and subsidies in agricultural 
trade was a ‘‘top priority for 
both Argentina and the US’* 
and his Government's aims 
were threefold: 

• To eliminate all export 
subsidies on agricultural pro- 
ducts; 

• To “disconnect” other 
government subsidies related 
to agricultural production in 
order to reduce world over- 
production; 

m To reduce import harriers 
to trade. 

“ Like Argentina, we are 
also a debtor nation and have 
to raise exports to service our 
debts," Mr Blum added. We 
have placed all our trading 
practices on the negotiating 
table without exception and In 
return we are asking uur 
trading partners to do the 
came-” . . _ . 

Mr Blum insisted that his 
talks in Argentina had been 
only preliminary and was not 
prepared to reveal quid pro quo 
that the US was seeking from 
Argentina before moving to- 
wards the reduction of US 
agricultural susldles being 
sought. 

However, economy officials In 
Buenos Aires say that in pre- 
vious discussions, the US has 
been looking for a significant 
opening up of the Argentine 
market in services. 

Argentine industiy also 
benefits from substantial tariff 
protection which the govern- 
ment Is at present reviewing as 
part of a series of policy 
measures aimed at streamlining 
the economy. 


Kuwait oil 
field order 
goes to UK 

By Jamw Buxton, 

Scottish Correspondent 
A UK company which sp ec ialises 
in oilfield maintenance has won 
a £9m contract to service equip- 
ment in all the production oil- 
fields operated by the Kuwait 
Oil Company (KOC) in Kuwait 
Wood Group Engineering, of 
Aberdeen a subsidiary of the 
John Wood Group, la to main- 
tain mechanical machinery and 
associated plant and instrumen- 
tation for KOC over four years. 

The contract is the first that 
Wood Group Engnleerlng has 
won to carry out maintenance 
work on the ground in the 
Middle Est, although it already 
services gas turbines from 
Middle Eastern countries which 
are shipped to Aberdeen. 

Award of file contract results 
from a drive by the company 
to seek overseas work following 
the recent downturn in North 
Sea exploration end develop- 
ment 

Companies in Aberdeen— and 
the British Government — are 
anxious to promote the city as a 
centre of international oilfield 
expertise rather than just a* 
centre for the North Sea. 


Sematech may licence non- 
members to use its technology, 
bat the US industry group alms 
to provide American companies 
with an advantage over foreign 
competitors. Only US com- 
panies will be eligible to join 
Sematech. 

Further restrictions on the 
the transfer of Sematech tech- 
nology might be Imposed by 
the US Government, tf it pro- 
vides funds for the project. 

While Sematech supporters 
are confident they will win 
government backing, probably 
through the Department of 
Defence which is Increasingly 
concerned about the health of 
an industry which supplies 
critical components for weapon 
systems, it remains to be seen 
what " strings " may be 
attached to government, funds. 

Already, semiconductor in- 
dustry executives acknowledge 
that foreign nationals working 
in the US senucondnctor In- 
dustry may be precluded from 
working at Sematech. This 
represents a real limitation, 
since half of all electronic 
engineering doctorate gradu- 
ates in the US are foreigners. 

Government overview of 
Sematech should be at arm's 
length, industry executives say. 
But they may be forced to 
accept much closer Defence 
Department involvement in the 
direction of the project 

Until the industry presents 
Its Sematech plans in Washings 
ton. It is Impossible to predict 
what the "price” of govern- 
ment funding will be. 


The issue of government re- 
gulation of Sematecb may be 
critical. Key participants in the 
project. Including US semicon- 
ductor production equipment 
makers, are reluctant to accept 
close government involvement. 

Critics of Sematech also far. 
that the value of the project 
would be significantly reduced 
if tt is directed towards military 
rather than commercial appli- 
cation. 

Another hurdle still to be 
overcome by Sematech is to win 
the wholehearted support of the 

US semiconductor production 
equipment and materials indus- 
tries. 

Although It seems unlikely, 
that these suppliers to the chip- 
makers would decline the busi- 
ness opportunities raised by 
Sematech. some of the biggert 
buyers ■ of US equipment are 
Japanese, and the production 
equipment makers have been re- 
hictant to take sides In the US- 
Japanese chip battle, 

Sematech does, however, have- 
some powerful supporters. In- 
cluding IBM, which has strongly 
allied Itself with the project. 

As both a major buyer of 
chips and a major producer, 
IBM has a strong interest u 
the future of both the semi- 
conductor production equipment 
and the semiconductor indus- 
tries In the US; 

IBM's endorsement of Sema- 
tech. along with that of other 
major US computer and elec- 
tronics companies, has helped 
persuade Washington law milt- 
ers that what Is at stake in the 


ifo fitning competitiveness of the 
US chip market, is much more 
than the future of the. rela- 
tively small semiconductor In- 
dustry. 

“There Is increasing recog- 
nition in Washington of the 
dependency of broad industry 

sectors on semiconductors.'* Mr 
Alan WoK, the semiconductor 
industry's Washington Counsel, 
said. 

Already Sematech has won 
broad support in Washington 
and appropriations for the pro- 
ject have neeu included in de- 
fence and trade bills. 

With its approval of an oper- 
ating plan, the industry will 
now begin an intense lobbying 
campaign to obtain full funding. 
Legislative actions may also be 
needed to . dear anti-trust bar- 
riers. 

. To TTwlntajp the momentum 

behind Sematech, IS of the lead- 
ing US chip makers, who are 
represented on the board of 
s e micon ductor Industry 
Association, have agreed to pro- 
vide. start-up funds of a few 
million dollars. 

Most U not all of the IS com- 
panies are expected to become 
members of Sematech. 

They include Intel, National 
Semiconductor. Advanced Micro 
Devices, Monolithic Memories, 
LSI Logic, Texas Instruments, 
and Motorola. 

Also Involved are Harris and 
Rockwell, IBM, Digital Equip- 
ment Hewlett Packard and AT 
& T. Eventually, Sematech may 
have as many as 30 member- : 
companies. 


Cyprus, EC near customs pact 


BY TIM DICKSON IN BRUSSELS 

CYPRUS and the European 
Community appear close to 
agreement on a proposed 
customs union which will lead 
to the removal of each other’s 
trade barriers. 

Officials at tiie European 
Commission are confident that 
Cyprus will shortly give the 
final go-ahead to the plan, final 
details of which were ironed 
out in talks last week. 

Cyprus is already linked to 
the EC by a 1973 Association 
Agreement which provides 
preferential trade treatment, 
Under the new customs union, . 
all customs duties and quotas 
for industrial products and 1 
some agricultural products 
(such as fruit, vegetables and 
wine) will be dismantled by 
1997. 


Under a second phase 
"accompanying policies” such 
as implementation in Cyprus of 
the EC's competition and com- 
mercial rules would be intro- 
duced. 

The EC is the Mediterranean 
island's main trading partner, 
accounting for 54 per cent of 
Cypriot imports and 28 per cent 
of its exports. Latest figures 
show that EC exports amount 
to around Ecu lbn, with Cypriot 
exports to the Community 
around Ecu 600m- 

The Customs union has been 
negotiated by the European 
Commisstoq op the basis of man- 
dates for several Mediterranean 
countries from memberetates. 
The request originally .came 
from Cyprus, which is keen to 


establish closer political as well 
ax economic links with the 
European Community. 

The agreement wfll eowr 
the whole island, even though 
tiie negotiations have only 
been with the official Govern- 
ment 

David Bardtard reports: 
Turkey is expected to Invite 
tenders shortly for a new L 2 Q 0 
Mw dual-fired gas power plant 
at AmbarU to supply over 
Ibn kwh a year to Turkish 
industry. 

The Turkish Electrical 
Authority TEK is understood 
to have had exploratory con- 
tacts with a number of foreign 
and local companies Includin g 
Brown Rover! of West 
Germany- . 


Merger talks 
force delay on 
SAS contract 

SAS, Scandinavians flag 
carrier, la to postpone until 
September a decision on a 
major airliner order, mainly 
because of the talks on a 
possible merger with Sabena, 
the Belgian airline, Reuter 
reports from Stockholm. 

SAS signed a letter of 
Intent on a SKr lObn (f lbn) 
order for 12 McDonnell 
Douglas HD-11 airliners in 
December, bet later 
threatened to cancel it after 
receiving a lower counterbid 
from tiie European Airbus 
consortium which is offering 
the proposed A-340 long- 
range airliner. 

Tm choice of aircraft 
would be affected by the 
prospects of “ joint fleet plan- 
ing ” with Sabena, SAS said. 



Wesferf^asff , *new ,, banjconlyinSb? 
Autumn of 1982, Injustafew years we 
}iave created a banking and financial 
services group with few rivals in terms of 
excellence of service and diversity of 
operations. 

Together with our subsidiary, Banca 
Cattouca del Veneto, we have 326 
commercial banking brandies in Italy's top 
locations. 

In. addition we have a comprehensive 
range of subsidiaries offering highly 


May 1987 


and financial requirements. Our mutual 
fund management company has 
demonstrated performances well above the 
average. 

We have our own financial services 
consultants calling on businesses and 
household throughout the country. 


services for all major banking 


Nuovo Banco Axnbrosiano and Banca 
Cattouca del Veneto, as well as our 
Ffecanji subsidiary, are quoted on the 
Milan Stock Exchange. 





fiiSI AMBROSIANO 


BANKING AND FINANCIAL SERVICES GROUP 

Nboto Banco Ambrw&;an & Banca Cattolka del Veneto - O fmmwrTa! 7t,mWn E 
Iji C^trale-McxchaiH Banking La Centrale Fondi - Mutual Foods 

FfccamM Group -Leasing, Factoring and Real Estate Fiiaodiig 

ftepreseniativB Offices; N«ir Yrefc Hone K««. 

Copies of fee annual report* will gladly be sent on request to our External Relations Department 
(Pinza Paolo Ferrari 10 -20121 Milan). 










7 


Financi a l Times Thursday May 14 1987 ' 




UK NEWS 






* :‘:>f 




.. '*>-./ 




AV f'lntras 

' s, i» . 


! \ 
X 1 ♦ 


Labour pushed into 
third place in polls 


BY PETER RIDDELLr POLITICAL EDITOR 


THE LABOUR PARTY last night 
suffered a setback at die start of 
the general election campaign as 
new opinion polls showed its sup- 
port at below 30 per cast, with one 
putting it in third place behind die 
Social Democratic Party /liberal Al- 
liance. 

A Gallup survey in today’s Daily 
Telegraph puts the Conservatives 
at 39 per cent, ahead of the Alliance 
on 30 per cent and Labour on 28 per 

cent This would give the Conserva- 
tives an overall House of Commons 
majority of between 50 and 60. 

A Marpian survey for the Guard- 
ian puts the Tories on 43 per cent, 
compared with 29 per cent for La- 
bour and 25 per cent for the Alli- 
ance. 

These surveys, both based an in- 
terviews over the weekend before 
Monday's formal amwnruwnAn t of 
the election, have to be treated with 
same caution, since they show con- 
trasting movements in -Tory sup- 
port over the past month. 

But the standard rating of labour 
at below 30 per cent is a hlow to par- 
ty morale, since previous surveys 
had been pointing to a recovery in 
the party's standing to around 32 
per cent, with a widening gap over 
the Alliance. 


The BBC nstedn announced 
details of what it described as its 
most extensive and s us tained 
general election c o verage ever. It 
wiR spend an additional firm and 
devote increased airtime devel- 
oping discussing the issues be- 
hind the Mwpiip »- 

A Labour spokesman last night 
tried to put a brave face on the re- 
sults: These polls are not credible 
and are not even consistent with 
each other." 

He argued that the election was 
not about polls hut about winning 
seats in the House of Commons: 
“Only Labour can win enough seats 
to beat Mrs Thatcher and by con- 
centrating on our policies and not 
bring distracted every day by the 
polls, thatfs exactly what we will 
do' 

• A major pregramme of constitu- 
tional change s wa s lannched yes- 
terday by the SDP/Uberal Alliance 
as a centrepiece of ifa forthcoming 

piamfog to. 

This will involve pr oportional 
re p res enta tion reform of the law cm 
official secrecy and confidentiality, 
incorporation of tire European Con- 


kinnock cracks a whip 
for the media circus 

BY MICHAEL CASSELL, POLITICAL CORRESPONDENT 


MR NEIL KINNOCK, the Labour 
leader, earlier this week summed 
up his attitude towards a media be 
mistrusts bat which, whether he 
likes it or not, is about to play a cri- 
tical role in ttoiermrning . Kin politi- 
cal future. 

In a television I n terview , which 
touched on the antics of the so- 
called “loony left" (extremists), he 
tried to put the issue in its correct 
perspective, describing it as, “at 
most, an gminfluantini shaving on 
the great body afthe Labour move- 
ment* 

His perception of the e xtent of 
the problem appears to differ from 
that of much of theelectorate and it 
is a gap in understanding which he 
blames largely on newspapers- 
whose sense of proportion is strictly 
aligned to their prevailing political 
allegiances. 

In the interview, be went on to 
claim that, with a fairer press, the ' 
"loony left" issue would have, been ^ 
balanced by an examination of Tory 
extremism -what he dubs the “rav- 
ing right". 

But, in a telling reference to his 
relationship with, a media arcus 
poised to dissect his every word and 

already straining to hear the first 
signs that his famous, inflamed la- 
rynx is about to let him down, Mr 
ffinnnofc said that he was not' 
“whingemg." 

With a fatalistic sigh and slightly 
forced grin, he emphasised- that the 
political allegiances of most sec- 
tions of the press were a fact of life 
with winch Labour had to live. 

Few parties or party leaders ever 
feel they receive a fair deal from 
the news media and Mr Kinnock, 
who seems to prefer television to 
newspapers, is no different 

The Labour leader’s relations h i p 
with the press has. inevitably, 
changed since he first arrived as a 





f&x 


relying on 


tefarisfen 

parliamentary novice at Westmin- 
ster, in 1970. Although journalists’ 
recoDectiona .of long, convivial even- 
ings in the bar with toe new boy 
from BedwelHy, in south Wales; 
may have been overplayed, he cer- 
tainly welcomed thp com pany of 
some newspaper men and women 
in his early years at the House of 
Commons. A few remain; dose 
friends: 

As leader, hows, his opinion is 
now somewhat less enthusiastic 
and his attitude, perhaps quite un- 
derstandably, appears inc r easingly 
conditioned by his fate at fiie hands 
of sensation-seeking h eadline wri- 
ters who seen to him, to. measure 
the truth in type-sizes. 

The OHated trip to see President 
Reagan earlier this year, a follow- 
up to the even less auspicious OS 
visit in 1908, did nothing to Improve 
relationships and helped convince 
the Labour leadership that the next 
election campaign would have to be 
handled differently. 

But Labour is sometimes accused 
of being too ready to blame the 
press far its own mistakes. Despite 
the leadership's apparent convic- 
tion that it was the travelling press 
corps which conspired to wrack his 


NOTICE OF MERGER 
lo the Holders of 

VIACOM INTERNATIONAL INC 

5%% Convertible Subordinated Debentures Doe 2001 

NOTICE IS HEREBY GIVEN pursuant to Section 1307 of the I nd e nt ur e, dated ■ 
1986 (the “Indenture"), between Viacom Inte rn a tio nal Inc. (“Wacom") and Morgs 
"Dust Company of New York, -as Trustee (the “Trustee*’), relating to the Company*! 


of June 15, 


Terrible Snbordlnmed Debentures Doe 2001 (the “Debenture#”), mat Viacom, Arsen*] Actnriring 
Corn. ( “Acquisition”) and Viacom Inc. (formerly known as Arsenal Holding*, fee.) ("Holding*') 
have entered into an Agreement of Mexgei; feted as of March % 2987 (the THemr Agreement"), 


a Agreement of Merger, dated a* of March 3 , 198 

pursuant to which Acquisition, a wbollyowned subsidia r y of HoMliu a, will, subject to the 
satisfaction or waiver of cert ain conditions, be merged with and into Viacom- (the “Merger”). 
A of the shareholders of Viacom has been called for June 3, 1967 at which 

holder* of record" of Viacom common stock at the dose of business on April 6, 1967 will he 
q nVyJ to c onsi der and vote upon a proposal to app ro ve and adopt the Merger 
Agreement. If the Merger becomes effective, each share of Viacom common stock issued fed 
outsta nd i n g imm ediately prior to the effective time of the Merger (other than shares held by ihe 
Company, Holding*, Acquisition or any other subsidiary of Ho ld to ga or by holders who have 
perfected appraisal rights under Ohio law) will be converted into the right to receive (i) *42-75 
in cash plus an Interest factor in an amount equal to simple interest on such rash amount from 
May 1, 1987 through the effective time of the Merger at an ranri rate of 9% from Mnr 1,1987 
through Mar 31, 1967 and 12% thereafter, (ii) 0.30097 of a share of 15-5% Caraautire Ex- 
dunoeaUe Redeemable Preferred Stock, par value «MU per share, ofHoMmgs, having a liquidt- 
tion preference of $25 per share, and (iil) <L20 of a share of Common Stock, par value $0.01 
per share, of Holding?, *11 subject to adjustment as provided in the Merger Agreement (collective] y. 
as SO adjusted," the “Merger Co ns ideration’’). Viacom will survive the Merger as a whoDyowned 
subsidiary of Holdings. 

Viacom, Holdings sod the Trustee have agreed upon s form of supplemental indenture, which 
is intends to be executed prior to the effective time of the Merger. Pursuant to such supplemental 
indenture, a debenturebolder who converts a Debenture after feet effectiveness of toe Merger 
will receive, in lieu of Viacom common stock, the amount of cash. Hokn n p preferred stock and 
Holdings common stock which such debentoreholder would have received had hnosverted his 
Debenture into Viacom common stock immediately prior to the effectiveness of the Merger. 

The -Rang * in the consideration receivable by a debentoreholder upon conversion <rf a 
Debenture will occur on the date the Mower becomes effective under the General Corporation 
Law of the State of Delaware and the General Corporation Law of the State of Ohio (the 
“Effective Time"), which will occur at or near such time as all of the camBtSont to the con- 
aamipaHoo rf the Merger have been satisfied or waived. Holders of Viacom co mmon stock 
miMtaiufaw at the Effective Time willbc entitled to receive the Merger Consideration therefor 
prompdyaner the Effective Time. Although the Merger could be consummated as early as the 
date of approval of the Merger at the special meeting of Viacom shareholders, tin Merger mar he 
delayed ' mr""*** If the wnyfitima to the consummation of the Mer ger are not satisfied or 
waired. Accordingly; the actual date on which Viacom common stock would be exchsnpaUe for 
the Merger Consideration cannot he determined at this time. 

Until. the Merger is efibeted, holdere of Debentures will continue to reorive common stock 
af Viacom upon conversion of such Debentures- The Conversion Price for the Debentures is 
rurrently *39.875 per share of Viacom Common Stock. ^ 

Additional information concerning the Merger and related matters is set forth to the Proxy 
Statement/Frospcdus dated May 4, 1987 of Viacom and Holdings, ^'riHbe&ra^to 
jtm upn ywrrnxpi«t6xaa WraHafetoMtional Inc* 1211 Avenue of the Americas, New fork, 

VIACOM INTERNATIONAL INC. 

May 14* 1987 


“Merger”). 
1 at which 


Spy satellite project 
funding did not need 
Parliament’s approval 


IB 

i?as 


Blanc paiN 


venture of Human Bights into Brit- 
ish lav. dev o l ution throughout toe 
UK, and reform of procedures at 
Whitehall and Westminster. 

The proposals are intended, ac- 
cording to Mr David Steel, the lib- 
eral leader, to after “both a new 
government for Britain and a new 
system of government* . 

Dr David Owen, toe SDP leader, 
said the changes necessary for Brifr 
afa could not be achieved without 
measures that “will allow the voice 
of the majority to challenge toe mi- 
nority, and the voice of the minority 
and the Individual to be protected 
by rights entrenched in. our consti- 
tution.” .. 

. Both leaders s tres s ed the need 
for progress towards proportional 
representation to be a central fea- 
ture of any post-election negotia- 
tions if there was a hnng parlia- 
ment He said proportional repres- 
entation for local goyenment would 
restore its “credibility and compe- 
tence". 

Hey stressed feat their proposed 
reforms would only be possible if 
the Alliance either came to p ower 
on its own, or shared power in a 
coalition. . 


BY LYNTON MCLAIN 

THE SECRET British Zircon spy 
satellite project tod not have to be 
included to Ministry of Defence 
(MoD) statements to the House of 
1 Commons, MBs were told yester- 
day. 

. MPs were briefed cm the project 
by Mr George Younger, toe Defence 
1 Secretary. But their request for im- 
provements to financial informa- 
tion on defence projects was “not 
! related to the circumstances of the 
Zhcon disclosure”. 

A weekly left-wing magazine, the 
New Stateman, claimed in January 
that the cost of the Zircon project 
breached the th reshold at 
I which it shnailri have been reported 
to Parliament. The major projects 
Statement from toe MoD includes 
projects for which the Treasury has 
auth or ised expenditure in excess of 
£250m. 

Projects expected to exceed tins 
are when expenditure on 

project definition has reached 
£10m- 

The dfr fpnrft committee of MPS 
was given information 

abort the Zircon project, and it was 
ftiiB that, jed tfrpm to conclude tort 
the project did not have to be in- 
cluded in MoD project statements 
to toe House of Commons. 

The major projects «< mw n»nt to- 
| dudes expenditure to date, to ser- 
vice the estimated total ex- 


penditure when work was first ap- i 
proved by the Treasury, and toe 
current estimate. 

Annexes show estimates of 
possible additional expenditure, in- 
cluded to internal MoD budgetary 
projections, but not yet approved as 
part of the defence equipment pro- 
gramme. 

But while the MPs found that 
“there are no grounds for supposing 

that the Zircon project should have 
been mriuded in the major projects 
statement as submitted to us, given 
the present rules for the compila- 
tion of that statement," they stated 
that fee major projects statement 
“falls short of meeting our require- 
ments." 

’The threshold for inclusion of a 
project is too high,” they added. 
“Defence projects costing less toan 
£25Qm may be extremely signifi- 
cant. We do not consider that so 
high a threshold allows us ade- 
quately to discharge our obligations 
to the House of Commons or to tire 
taxpayer.” 

From next year, the M oD has 

agreed to submit annn«iTy to the 
House of Commons defence com- 
mittee a tohte, toe rinfanr» equip- 
ment project report covering equip- 
ment projects which have entered 
foil development, with Treasury ap- 
proval, and are estimated to cost 
£25m or more for development and 
C 50 m for pro du ct i on. 



Since 1735 the oldest name in swiss watchmaking. 

But don't expect to find a quaiz in a Biancpain watch. 

You won't And you never will. 

Infumaiun from Biancpain SA. 1346 Le Brasses, Switzerland. Tel. (21) 85 40 92. Tlx 459 420 


White House venture, fee reel dam- 
age was inflicted by a critical, if less 
timw forthright, US trim inirir atinn . 
which chose to pursue one fine in 
the privacy of the Oval Office and 
Hnnthpr in tfu> nearby press brief- 
ing room 

However, much fee concept of a 
Tory press conspiracy fitted La- 
bour’s own prejudices, the 
lay not with the small group of re- 
porters accompanying Mr Km nock 
ob a visit which even some of his 
closest and most respected col- 
leagues warned him against 

The Labour i***^ 1 * himcpif (j not, 
however, foolish enough to lay all 
-fiie blame for a bad press on the 
doorsteps of fleet Street or to over- 
estimate its ability to male* or 
break him. 

He, along wife many of his senior 
colleagues, openly recognise that 
some of Labour’s recent wounds. 
have been seff-infficted and that 
given the kale id o scope of uptown 
which his. party embraces, there 
will always be room for potentially 
pro b l ematic re n egades . 

He acknowledges feat public 
squabbles over defence policy and 
internal rows over Made sections 
will inevitably, and sometimes fair- 
ly, attract attention, and only re- 
cently be was forced to tell the lat- 
est group of dissidents to “shut up-" 

Mr Kinnock will be relying pri- 
marily on television to get his mes- 
sage across, hoping it will enable 
jiim Arwt bis shadow Cabinet to 
bare more influence over setting 
fee daily agenda and in qreflmg art 
the basic components of the mani- 
festo. 

There wiD certainly be those in 
fee media intent on ca t c hing out 
both him «mi) his tenra THptp sqc- 
cess or faflure will be at least parfer 
in Labour’s own ability, to stick to 
fee central issues 


Jaguar cars recalled 


j BY JOHN GRIFFITHS 

- JAGUAR IS recalling fee 4£00 new 
XJ6 models sold so far in the UR 
for modifications to the brake servo 
system. 

The company attributed fee re- 
call to "isolated incidents” of ma- 
chining «tehris te»tT>g found in fee 
servo system’s hydraulic circuits. 

AH cars shipped to Jaguar’s larg- 
est market, the US -where the new 
XJ6 went on sale on May 4- had al- 
ready been modified, fiie company. 
ffij. Some wftoeted cars may have 
found their way mtn markets else- 
where in the world, for which 
“where necessary, separate ar- 
rangements are being made," a 
statement declared. 

It was issued after rumours of 
problems with the new car s w e pt 
the stock market in London, and 


Thatcher to 
open Tory 
campaign 

By daman Buxton 
THERE IS Irony In the fact that 
Mis Margaret Thatcher, Prime 
Minister, will tomo r row night 
hunch what she hopes will be a 
triumphant general ejection 
™wp«'p on a — In Scot- 
land - where the party is lying in 
third pla c e in the opinion polls 
and is . widely expected to lose 


unsett led fee Jaguar share price. 

jaguar emphasised that even 
where the presence of debris could 
cause loss of power assistance to 
the brakes, this would occur only af- 
ter 12 further brake applications 
from an initial warning sign being 
displayed on fiie dashboard. 

After tins point, the brakes would 
remain operative but require in- 
creased pedal pressure to be effec- 
tive. 

Jaguar refused to the sup- 
plier of tiie component involved in 
the recall. But the terms set out for 
suppliers, shortly after chairman 
Sir John Egan first joined Jaguar to 
1980, were that the producer of any 
faulty components should bear the 
main financial burden of rectifica- 
tion. 


JMl aotartoomenf 4BM *>ot oonmim a, affsr ft* ul, of or su6k*K**» *»**—'*»«’ KKMI Umttd Aeoftcafcon, fcraKam In icnliw ibWmamtBonfr 
to OMM on mo Mian tt*n EnumnUov MraouMun Oaura On tfta Concur and dM0 3Wn Mob* IIH M M IK Urn ttpOaUay 
kt o poimtuB may ad/ otettevutoe to B«vanx vtimo o* lM ryBu*a<9aSti to ouyei tot umt er aioetiiamtti**Uiu ' ms NdtcyilaiHtall 

KESTRjy. | 

ha V y . V ' ' A* ‘n"/ K»«tT»r United is a sterling based, opon-endad futures fund mcoroonited (J 

CCr'r». A radfe <n BermuOB Bdvteod by J.M. Harwood & Company Lid and Ottering Mgh j-0 

pownUal returns weed on their proven track-racord in the International »S 
(iiluree markets. hj 

[t ■ * Kostral UmUMfi trading policies are based on trading systems used by L-i 

iBHiflLA J.M. Harwood m relation to a private discretionary account traded from f> 

October 1981 until October 1986. During that period an -A 
\ ’ ____ — — ■ \ average annual growth c4 +404% was achieved. ' 

| \ Kestrel Limited began trading In December 1986. t-U 

• JHK V During Ms first lour months (to end- March 1 987). the t?{ 

Fund has already gained 1 2A%, rising horn the Initial & 
j , " \ offer price of £10 to £11.24. Rj 

\ ED. 1 r. Mm wemtfonil Ud, to n Wi eiE Omtan «! 

Si \ (La yS-T-Vf \ Ucamod Deafer h SooMImm krt 

wl \ -y 'V J \ Sugar Quay. Low Thamn Smw. London EC3R SOU £.'! 

M \ i \ TatOt-4»67«t T ala a B W I W EDFUAHO S 

miwm 


jmmmm 




For hotiai Momadon about KarinH llaiOad, p«aa»aaM Ha coupon 


•Mtaohono iaa I nacaamy on . 


But Tory morals wiD be boost- 
ed fay a Mori survey in today’s 
Scotsman newspaper showing a 
six percentage point increase in 
its support over fee past month 
to 2> per cent, with Labour’s rat- 
fag down from 47 to 43 per cert, 

and the tlHanie 
back. 

Mrs Thatcher wiH be address- 
ing the rally at the end of the an- 
nual Scottish Dnservafive Party 
conference in Perth. The confer- 
ence, wiuch starts this meaning; 
has been c omp res se d from three 
days to two because of the im- 
pendtog general election. 

Bat R will stiQ provide a toady 
showcase- fin- the wares of the 
Co nser vative Party, with at best 
six Cabinet ministers in attend- 
ance, and a rallying occasion for 
the party workers. Very few in- 
deed cd fee motions submitted by 

P«»nl aseoefations to the wui ^* r - 
ence ewttehwd any hint of dis- 
sent and the motions actually se- 
lected lor debate are predtewdy 
Hand. 

The Scottish association, in- 
sists that tire party fa confident of 
adnaQy winning more seats in 
the general election. It currently 
holds a of fee 72 Scottish seats, 
wife Inbeur hohfing 42, the AIB- 
anre right and tire S cottish Na- 
tional Party (SNP) two. 

Naturally 'tire 'party's oppo- 
nents do not agre& They point to 
the most recent Syrian Three 

ephtionpoOwUefapnttbecan- 

serv a ttv es at 21 per cent, abend 
only of fee SNP wife 13 per cent, 
but the with 23 

per emit and far behind l a bour 
at 42 pm- cent. In tire U63 general 
ejection fee Tories took 28 per 
eent of tire popular vote hi Scot- 
land, against Labour’s 35 per 
cert. 

fa tanwrt seats 12 Conserva- 
tive MPs have majorities of less 
than 10 per cent. Tory MPs face 
threats to different parts of tire 
countiy faun tire AlB a noe, la- 
bour and flu SNP. 

The Thatcher revofatiou was 
always unBkefy to grow deep 
roots in a part of Britain where 
rarempfeymert has long bees 
relatively high. 






FOR A WARMER WELCOME 
WORLDWIDE 


The Right Choice 






I 

\ . 


UK NEWS 


Bank spells out 
need to steady 
interest rates 


Japan may curb competitiveness 


BY FINANCIAL TIMES REPORTERS 


BY JANET BUSH 

THE BUOYANCY of the British 
economy, the demand for credit and 
the rapid growth in broad money 
and asset prices are all grounds for 
not wanting interest rates to fail too 
far and too quickly, the Governor of 
the Bank of England said yester- 
day. 

Equally, the Bank does not want 
to see the exchange rate rise be- 
cause of the damage this would in- 
flict on industrial confidence at a 
critical time, said Sir Robin Leigh- 
PembertotL He stated that short- 
term British interest rates are now 
the only effective instrument of 
monetary policy. 

At the same time, he acknowl- 
edged that present understanding 
of the precise effects of interest 
rates on the economy was incom- 
plete and that the Bank's ability to 
determine interest rates was lim- 
ited, although it still exerted a pow- 
erful influence. 

■' "Often our aim will be to slow the 
momentum of an interest rate 
movement sought by the markets 
rather than obstruct it altogether,' 1 
the Governor said in a speech. 

In past weeks, the Bazik has held 
out against market pressure for 


lower interest rates, using interven- 
tion on foreign exchanges to limit 
sterling's rise, before allowing rates 
to be cut. 

In yesterday’s speech, the Gover- 
nor emphasised that a policy of in- 
tervention could not be an adequate 
solution to a sustained conflict be- 
tween domestic and external objec- 
tives, although it could help make a 
situation manageable for a time. 

“Given the present-day scale of 
capital flows through the foreign 
exchange markets, the scale of in- 
tervention may need to be very 
large indeed if it is to be at all effec- 
tive," he said. 

He added that intervention to re- 
strain upward pressure on the ex- 
change rate added to domestic li- 
quidity and produced a bulge in 
broad money growth as interven- 
tion could, in some cases, only be 
sterilised over time. 

In a review of monetary policy, 
he applauded the progress made in 
recent years in bringing down infla- 
tion and maintaining steady eco- 
nomic growth, but added that the 
operation of that policy at a more 
technical level had been less suc- 
cessful 


JAPANESE COMPANIES might 
have to curb their natural desire to 

compete, in order to reduce trade 
tensions with their main interna- 
tional trading partners, said Mr 
Bun-khi Oguchi, executive vice- 
president of Fujitsu, at the Finan- 
cial Times conference on world 
electronics in London yesterday. 

Mr Oguchi, whose company has 
recently suffered from rising trade 
tensions with the blocking of its bid 
for the Fairchild semiconductor 
group in the US, said that Japanese 
companies were bred in an atmos- 
phere of tierce domestic competi- 
tion. But the country had come to 
realise that its industry could not 
succeed unless customers in other 
countries were also prosperous and 
unless specific steps were taken to 
alter the com p e ti tive balance in fa- 
vour of overseas companies. 

These moves included a further 
opening up in Japanese markets, an 
easing at regulations in Japan, the 
stimulation of domestic demand, 
voluntary restrictions on exports 
and extending aid to the developing 
countries. 

Mr Oguchi added that Japan was 
already moving towards more open 
markets and reduced regulation, 
with the electronics and telecom- 
munications markets already lib- 
eralised to a large extent 

The Japanese electronics indus- 
try, having achieved world domin- 
ance in consumer electronics, was 
now seeking a similar position in 
components production, said Hr 
Genit Jeelof, Phillip^ executive 
vice-president 


To respond to that challenge, and 
to TTiwbitam a global presence, Euro- 
pean electronics companies were 
having to reshape their manage- 
ment strategy. 

The world electronics idustry, 
representing annual sales of about 
S500bn (£825bn), was heading tor 
eves greater competitive turmoil, 
Mr Thomas Woodard, a director of 
McKinsey, told the conference. 

The cost of key components, such 
as semiconductors, would continue 
to fall fay orders of magnitude This 
would feed through into falling 
hardware prices, which would blur 
distinctions between systems such 
as mainframes, rnini micro- 
computers. 

This helped to explain the globali- 
sation of the industry, with compa- 
nies needing to sell in most major 
markets to recoup development 
costs. 

Strategic alliances would contin- 
ue as one response to these pres-, 
sores though they were a good bit 
more popular than successful 

Mr James Tre yhlg , president of 
Tandem C om pu ter s of the US, said 
that the market for on-line transac- 
tion processing had grown from 
$7bn a year in the US in 1980 to 
S20bn in 1986 and was expected to 
expand further to $80bn in the early 
1990s. The computer industry, he 
added, was moving away from 
batch processing of data towards 
transaction processing because of 
the needs of afl kinds of industries - 
including retailers, airtinBK , finan- 
cial services and newspapers — to 
use easily information to 


FT 


ECS 




World 

electronics 


speed up their reaction to market 
pressures. 

Mr Pasquale Piston o, ma n ag in g 
director of the Franco-Ita&an semi- 
conductor c ompany formed by the 
merger of SGS and Thomson Semi- 
conductors, said that future surviv- 
al in the microchip industry would 
depend on being a broad-based 
manufacturer. 

“Today there are around 300 com- 
panies spread over a range that 
goes down to a few million dollars 
and up to 52.5bn, be said. "In the fu- 
ture - and here I am talking about 
the next six to eight years - there 
will be just 10 to 15 major broad- 
range supplies in the billion 
plus range, and the rest will be 
producers with turnovers at 
least one order of magnitude low- 
er." 

Mr Fhflqipe Dreyfus, vice-chair- 
man of CAP Gemini Sogeti, the 
French software company, de- 
scribed the obstacles to increased 


FOCUS ON INTERNATIONALISATION OF JAPANESE MANAGEMENT 


growth in be software industry. 

These included skill shortages, 
particularly among specialist staff 
who understood the needs of users; 
the failure of managemen t in some 
organisations to push for greater 
productivity from their data pro- 
cessing department; the' slowness in 
simplifying the man-mwrbitw inter - 
face; and the lade of standards. 

Dr Edgar Neofeld, director of sys- 
tems integration at IBM Europe, 

said that his company was putting 
increasing om pVmiri« on the busi- 
ness of rannbintng hardware, ser- 
vices and software into systems 
that offered solutions to rnffawwpr 
problems. 

Behind this move was the rapid 
growth in the services and software 
element of the information tec hnoi- 
ogy industry, which was currently 
expending at about 20 pa cent a 
year, and within five years was like- 
ly to account for about a half of the 
sales volume in the sector. 

IBM, he added, would work with 
other companies m providing solu- 
tions, either as toe prime contractor 
or as a subcontractor on particular 
projects. 

Mr Francois Hand, pl a nn i n g 
and Awplr ppuwt m»nwg trr atCom- 
pagnie Bamadre, analysed the dif- 
ferences between electronic ser- 
vices which had boomed, such as 
transactions in t he financial mar- 
kets, and those which were stow to 
grow, such as home banking. He 
pointed to the need to understand 
the real riewumriw of customers as 
one of ^ key fnchywp in explaining 
those differences. 


ADVERTISEMENT 


F 


Aaounded in 1957 with the first worldwide development of 
the electric relay calculator, Casio has pioneered the development of new 
products which have underpinned its rapid growth. 

New technological applications have seen Casio expand dramatically in 
recent years and it now makes an increasing array of digital watches, musical 
instruments, pocket LCD television sets and now electronic cameras. 

Faster product development lies at the core of the strategy being pursued 
for Casio to maintain its unrivalled position as a creator of new consumer 
markets. 

By Brian Robins 


Creating New Markets 


Robins What overall policies 
are guiding Casio’s technological 
development? 

Kashio: Our development policy 
is to make products which will create 
completely new markets, instead of 
making existing types of products. 

For example, in the area of 
watches, we added the digital watches 
onto analog watches. In musical in- 
struments, we pul various types of 
sounds into one musical instrument. 
So, our products are different. As for 
pocket LCD TVs, we made a TV so 
you can take it anywhere with you and 
watch TV at anytime, ft is a TV with 
entirely new concept. So our products 
create new markets, and are not ex- 
isting products. 

Advanced technology 
at the core 

Robins What is at the core of 
Casio’s technological policies? 

Kashio: One of our core 

technologies is LSI technology, which 
changes information from analog to 
digital form. In LSI technology not 
only figures and characters, but also 
images can be processed digitally. 

With LSI technology, products 
such as calculators, watches, musical 
instruments and pocket LCD TVs can 
be created with excellent technology. 

The next area is basic device 
technology, particularly liquid crystal 
display (LCD) technology which is ex- 
cellent at Casio. This has given us a 
particular advantage in image mak- 
ing technology as welL Also included 
here is engineering plastics processing. 
By replacing the conventional watch 
movement gears with plastics, for ex- 
ample, we can achieve small and thin 
sized watches with low production 
costs. 

Success with these various tech- 
nologies rests with our production 
and manufacturing technology. In the 
fifth building of our Kofu plant in 
Japan, there is complete automation, 
for example. 

Based on these three major tech- 
nologies of LSI, basic device tech- 
nology and production technology, we 
are able to make unique products. 


New products to under- 
pin stronger growth 

Robins Some of Casio's tradi- 
tional product lines, such as electronic 
calculators and watches, are at the 


mature end of their products cyde. 
What new product areas will provide 
strong growth in the future? For ex- 
ample, in recent years both pocket 
LCD TVs and musical keyboards have 
provided significant new growth. Can 
they continue to do so in the future? 

Kashio: Calculators and watches 
are the major p31ars.of pur business, 
but musical instruments and pocket 
LCD TVs are also beginning to show 
good growth and they have big 
markets. 

Calculators, watches, musical 
instruments and pocket LCD TVs— 
probably these four product catego- 
ries will have about the same level 
of sales in the future. 

In addition to these products we 
expect good sales from liquid crystal 
shutter printers. Office computers and 
personal computers should also in- 
crease sales. 

Robins; From the res e arch arid 
development presently underway, are 
you still as bullish about the future for 
the electronic camera, which has keen 
the focus of attention in recent years? 

Kashio: With the electronic 
camera, this is a completely different 
product to existing cameras. In the 
home, television sets are quite com- 
mon now. This device, the camera, will 
allow you to see the image you have 
taken with the camera on the TV 
sc re en by connecting the camera 
directly with the television set The 
camera is small and the price inexpen- 
sive: we are aiming for high demand 
for the electronic camera in this man- 
ner. About 50 images can be stored in 
a 2 inch magnetic disc You take a pic- 
ture and immediately you can watch it 
on television. We would also like to 
have the pictures seen on the pocket 
TV sets winch we are also making. 

Of course by connecting it 
with a printer, hard copies can be 
obtained. In the future, the electronic 
camera win be combined with home 
computers and communication equip- 
ment to enable image processing. 

Using various cmnmiinigafi nn 
equipment pictures will be able to be 
sent electronically to remote areas. So, 
I think we have a great possibility for 
the expansion of this sew product. 

Robins: Apart from sides ac- 
tivities. what sorts of promotional 
activities is Casio involved in? 

Kashio: One of the events is the 
Casio World Open Golf Tournament, 
which we continue to sponsor. This 
year is the seventh Casio World Open, 
and famous players come from all 
over the world to participate: No 




" ■ • • ' . *-*6 ' • ~ 


g? mm . 




Me. Kudo Kashio, Satior Managing Direaor, Casio Computer Co, Ltd. 


Japanese has won so for. In 1985, 
Hubert Green of the US won and last 
year Scott Hoch from the US was the 
winner for tire second time. I think the 
Casio Open has world acclaim, and is 
well known among golfers. 

In 1984, a conceit was held in 
Austria with isaoTomita, winch was a 
great success. And in September of last 
year in Manhattan, New York, there 
was another concert by Isao Tomita, 
which was also quite a success. 

We would like to continue these 
kinds of events in the future. 

Overseas production 
understudy 

Robins What steps is Casio tak- 


ing to overcome the impact of the high 
yen? 

Kashio: This sharp appre ciati on 
of the yen is really creating problems 
for our company because exports 
make up a very important part of our 
business. 

7b solve this problem, our first 
major concern is to develop new 
products. Fortunately, with our 
t ec hni c al background we have the 
capacity to create new products. So 
this will be the first approach to 
overcome the problem of the yen 
appreciation. 

Wte feel that with the speed with 
which we have been creating new 
products so far, we may find it diffi- 
cult to overcome the high yen problem, 
so the rate of product development 


should be speeded up, and we bare 
taken steps in our plants to do so. 

Our first priority is to move for 
faster new product development, and 
bring new products to market quickly. 
In the area of. safes activities, we 
already have various mats established 
internationally. Now, we are studying 
the possibility of overseas production. 

In January; we opened a subsid- 
iary m Hong Kong and a representative 
office in Seoul, Korea. We want to 
proceed with our plans for production 
in different parts of the work! not 
only to overcome the high yen but 
also to cope with trade friction. 

Robins In these increasingly 
difficult times, what guiding man- 
agement philosophies is Casio 
following? 

Kartto The yea ap preci a tion has 
occurred very rapidly and suddenly; 
and we learned that the ousting 
method of mana g ement would nett 
work. 

Because the yen appreciation has 
been so rapid, we have been thinking 
of countermeasures, but they alone 
wiZZ not be enough. As a result, we 
haw m mind the ideal position for our 
company three years from now so we 
are stre n g the ning our products and 
the company's structure 

We are focussing on the next 
financial year. This is the 31st year of 
the co m pany, and next year the 32nd. 
We arc thinkmg of how we can achieve 
a 30 per cent increase in safes from the 
next financial year on, and what we 
have to do to achieve this. 

The thing is with the high yen, 
the 30 per cent annual rate of increase 
we regularly achieved in the past has 
become difficult, nowadays. 

We cannot take too many quick 
decisions in an unwise manner, so we 
are looking to the next financial year 
as the starting point, as the basis of 
providing far future growth. * 



IO 


CASIO COMPUTER CO., LTD. 

2-6-1, Nishi Shinjuku, Shinjuku-ku, 
Tokyo 163, Japan 
"telephone: (03) 347-4837 
Telex: J26931 CASIO 


CASIO ELECTRONICS CO., LTD. 

Unit 6, 1000 North Circular Rd. y 
London, NW2 7JD 
Telephone: (01) 450-9131 
Telex: 883446 


Financial Times Thursday May 14 19B7 

Harwell discourages 
hopes on developing 
petroleum substitutes 

BY DAVID FtSHLOCK. SCIENCE E DITOR 

PROSPECTS FOR making a petrol pnuTfD COSTS of »wlM*Tic 


PROSPECTS FOR making a petrol 
substitute at a competitive price 
from coal, natural gas or crops in 
the next two or three decades look 
poor, according to foe latest report 
from the British Government’s en- 
ergy technology advisers. 

There are many cheaper ways of 
wulring road transport fuels than 

petrol from c oa l, zuethenol from 
wood, or ethanol from sugar beet, 
says the Energy technology Sup- 
port Unit at Harwell which advises 
the Department of Energy. 

Its report ranks the estimated 
production cost of 15 processes, 
summarised in the accompanying 
table. 

It concludes that liquefying Brit- 
ish coal could become economic if 
the would oil price were to reach 
about S60 per bared, which it con- 
siders unlikely before the year 
2810-2015 : 

The most promising processes 
are for cracking such liquids as 
heavy crude and Hquefied petro- 
leum gases (LPG), to make petrol, 
which may be possible for a 10-40 
per cent premium in pr esent price. 

At the other end of the scale are 
the petroHhm-coal processes used 
by Sasol in South Africa, which are 
estimated at more than three times 
the cost of petrol in Europe. 

Liquid hydrogen, sometimes pro- 
moted as a dean petrol substitute, 
is estimated to cost about the same 
as Sasol petrol, if produced on- a 
large scale by electrolysis. 

Petrol made from coal by the two- 
stage process under development 
by British Coal is expected to cost 
about double the price of petroL 
The yardstick against which Mr Ke- 
vin Langley, author of the study, 
has gauged all process technologies 
is the January 1884 selling price of 
petrol in Europe, ex-tax, of about 
S55 per gigajoule of energy. 

This figure, is based on a crude* 
price of S28 a band. It has 


Price A 

pro*— Tar 

patrol from fml oH «-°° 

Patrol from LPG (BP*a 
Cycterr process) 7 - S0 

■tothMol from natural 
gas(>CQ M° 

Patrol frsmeeel 
f Britts* CosU 10 - 20 

Patrol f ro m natural pee 
(Mobil) 1080 

MoUtano! from cool 

Huron H- 40 

Matbenol from wood 14.70 

■tfconol from sugar 
boat IM0 

Patrol from cool [Basel 
„j 19.10 

Liquid hydrogen by 
oleelrolysis 1SJ0 _ 

fallen to about S18 a barrel during 
the protracted period of verifying 
with companies the cost estimates 
of the 15 processes. 

But Mr Langley says that neither 
the fall In oil price nor lower UK 
coal production costs “substantially 
alter either the conclusions or the 
rationale of this report”. His study 
hng talari account of the latet esti- 
mates of cost for the conversion 
processes, and the technical charac- 
teristics required of synthetic fuels 
and whether a premium value or 
penalty should be assigned. 

It also weighed the extent to 
which any given substitute is likely 
to make a significant contribution 
to Britain’s requirements, given any 
restraints on availability of feed- 
stocks. 

Where substitute sources of pet- 
rol are used on a large scale, as in 
South Africa, special conditions 
prevafl, Mr Langley finds. Another 
example is the large-scale conver- 
sion of sugar to alcohol in Brazil 

A ranking of synthetic fuel op- 
tions for mad tr an s port applica- 
tions in the UK. ETSU report for the 
Department of Energy. Harwell. 


UK ECONOMIC INDICATORS 

ECONOMIC ACTIVITY — Indices of industrial production, manu- 
facturing output (2960*100; engineering orders (1980—100); retail 
sales volume (1980-100); retail sales value (1980=100); registered 
unemployment (excluding school leavers) -and unfilled vacancies 
(000s). All seasonally adjusted. 



XndL 

38 

Bo* 

Betafl 

Satail 

Doom. 



isod. 


order 

voL 

value* 

played 

Vara. 

3rd qtr. 

1882 

1832 

184 

1172 

1408 

3424 

184.4 


1884 

1832 

-105 

1172 

1782 

8422 

168JB 

1st qtr. 

1801 

1822 

105 

1192 

1408 

3,171 

1805 

2nd qtr. 

1003 

1803 

194 

m2 

1342 

0208 

1752 

3rd qtr. 

1108 

1042 

100 

1207 

1607 

0212 

2002 

4th qtr- 

1109 

1074 

114 

1205 

1942 

3443 

2132 

September 

1107 

1052 

110 

1242 

1505 

1493 

2004 

October 

1112 

1008 

109 

1252 

1803 

34«S 

2122 

November 

ili-g 

1872 

111 

1272 

1832 

8445 

2152 

December 

1103 

1072 

121 

1207 

2242 

3419 

2100 

1987 








1st qtr. 




1254 

1572 



January 

1108 

1052 

118 

1232 

158.4 

*418 

2103 

February 

1122 

1072 


1272 

1542 

8273 

2074. 

March 




IKS 

1572 

3243 

2102 


OUTPUT— By market sector; consumer goods. Investment goods. 
Intermediate goods (materials and ftiels); engineering output, 
“etel manufacture, textiles, leather and clothing (1980- 100); hous- 
ing starts (000a, monthly average). 


4th qtr. 

1908 

1988 


1st qtr. 

1082 

2nd qtr. 

1042 

3rd qtr. 

1009 

4th qtr. 

1082 

September 

1062 

October 

1074 

November 

1008 

December 

1082 

1987 


1st qtr. 


January 

1904 

February 

1872 

March 



Invest. 


Bag 

llatal 

Tactile 

Hsuf. 

SOOdS 

goods 

output 

node. 

etc. 

starts" 

188.7 

113.4 

1832 

1122 

1832 

108 

1812 

1154 

1012 

1182 

1808 

142 

1807 

1132 

1801 

1182 

1882 

192 

18L5 

1172 

1882 

1872 

1812 

109 

1884 

115.7 

1807 

1152 

1847 

103 

1882 

1107 

1848 

1872 

1832 

104 

1182 

1104 

1832 

1109 

1809 

103 

1882 

1152 

1008 

1172 

1872 

108 

UU 

1142 

1872 

1132 

1832 

182 

183.1 

1108 

1808 

1872 

1842 

108 

134 

1842 

1182 

1882 

1132 

1052 

105 

192 


TRADE — Indices of export and Import volume 


terms of trade (1980”100); official reserves. 

Export Import Visible Current Oi] 

volume volume b al ance balance ImIwm 

Istqtr. 1172 12441 -L2S7 +«S2 +L899 

Sndqtr. ULI UM -want - 94 +HJ 
Snlqtr. 130* UU -2473 -931 +«46 

qtr. 130i5 14X4 -2*02 -756 +M6 

September 12&2 UM -831 -134 +2S8 

October 127.0 UM -715 -180 -tZZG 

November 132. 8 146.7 -1209 -384 +354 

December 1312 14341 -887 -272 +12 

1987 
1st qtr. 

January 
February 
March 

4— jl' 


Terms Benrre 
trade tJS*bo* 


■UK - +025 +1452 

-g» + 73 +371 

-234 +370 +320 

r4W +17S 4455 


10U 23.75 

1002 2125 
1004 2228 
1882 2724 


EEs 


1983 

M0 

% 


22 

1st qtr. 

44 

2nd qtr. 

01 

3rd qtr. ■ 

09 

4th qtr. 

72 

September 

02 

October 

82 

November 

04 

December 

1987 

101 


Bank BS HP n— 

ID tondto* Mow teXtff 5 E 

* fin na to % 

!22 45278 2289 34X6 1LSS 


48203 

40,465 

+0200 

+10231 

+800 

+8488 

+3247 

43.138 


L475 8281 1020 

Me £5 *248 1120 

882 +2281 347 3238 1020 


Bane Baste Whnlo. 

IMS . lnP * «**• Starting 

1st qtr- 179.1 132.4 143 4 m< _ „ 

2nd qtr. 1842 12S2 145? era If? 25*? 

3rd qtr- 1872 5H 1462 >72 982 M2 

4th qtr. 1912 1*74 lira E, Jf? 15W 712 

September 1352 1224 ljfci nj 903 }*2 S5 

October 1882 1242 1472 982 mi }«! 

November 1912 1*7.3 1474 254 

D 3S? b ” ““ •*“ “m 53 Si IS? g5 

jSSr «•* i&i BK g& g» 

£53“* it: ^ So 

S3 6 It? iSI. 1 ”- 6 ^ ^ 

* Not seasonally adjusted. 

tftoa January 3386 Includes amounts outstanding on credit cards. 


fJMMV jBK 






9 


Financial Times Thursday May 14 1987 


UK NEWS 


^•1 


i# ■ * ^ 




Fund managers ‘not taking shorter view’ 




HEIGHTENED d emand far perfor- _ ^ ^ ^ manager, the turnover of ctiaiw hi 

Four articles included in the Bank of England’s Quarterly 
^ KTSStffJK ® ullet “’ published today, were released yesterday. * ^ M ^ ^ 

they invest, fteWtof England Alexander NlCOlI, JSDCt BllSfa 80(1 Ralph Atkins report tmperfbrm^^iMtte 


Eurotunnel is put on right 
tracks after breakthrough talks 


more short-term view of the pros- Bulletin, PUbllSl 

pects of toe companies m which . . . 7 Vt. >. 

they invest, ^ Bank of England Alexander NlCOli 
says today. 

This is on e of tfa e condusinns of a 

survey conducted among 18 fund shorter-term view of investmfirtf 
manages with £B3.7hn, or 20 per weakened their share prices inordt 
cent of the UK equity market, im- nately and m«fe then vulnerable 
der their control- Those surveyed to takeover, 
were merchant bank s, insurance The results, however, tend to an* 

companies, m-house pension funds tradict such suspicions. Although it ga™ remove to me maj 
and in de p e n d en t managers. finds that portfolios are being man- trow three-year period. 

Among other firntingg are that. *8®^ nmre actively, the Bank says. 


BY ANDREW TAYLOR 


As well as pressure for short- EUROTUNNEL, the Anglo-French 
term performance, this reflects the consortmm, has won some ground 


shorter-term view of investment Bank, attempt to beat the average 
weakened their share prices inordi- market per form anc e by seeking 
nately and matte then vulnerable shares Judged to be undervalued 
to takeover. relative to the fundamental 

The results, however, tend to con- strength of tee company, and likely 


™ ‘ SrtSHSS. of WteoS* trod «■* of wren- 

. tteteSin tnuisaction costs, partial- gbng over the charges the British 

larlv Chinn rhitv which has hem 0D ^ French state-owned railways 
Bank, attempt to beat the average to paform au a quarter-by-quarter cut from 2 r*?Tcant tn Vi ner cent will pay for using its tunnel. But not 
market p erform ance by seeking basis include unit trust managers - 10M P 81 ™ 1 ® ^ as much as it had asked. 


EIB agrees £lbn loan facility 


shares judged to be undervalued who sell mitts through independent 
relative to the hwwi«Twint») and external man- 


since 1984. on wuim as n uau a. 

The railways have resisted Euro- 
Turnover lb stDl, however, quite tanners attempts to raise tariffs 


relative to the fundamental intermediaries and external man- Turnover is stiff, however, quite tunnel's attempts to raise tariffs 
strength of the company, and likely agers of smaller pension funds, slow. Shares in insurance and penr over the 55 year life of the funnel 
to gain relative to the market over a These tended to be the most active sion fund portofiKos are traded on concession while the consortium, by 


fund Tnapa E Pr in i tend to support the intensive man ag e ment of eq- 

incumbent management of compa- ®dty portfolios with increased turn- 
nies contesting takeover bids, and Dver < ^ oes ^ seem to mean that 
that the majority of managers do managers arc necessarily taking a 
not routinely rmrnpw t hf*h* voting more short-term view of the pros- 
rights at shareholder m e-ting*. P*** f° r companies - paying more 


rights at shareholder meeting. pects for companies - paying more The Bank acknowledges, how- 

attention to earnings in the near ever, that pressure for performance 
The survey was conducted Ve* rather than the longer tprm For a has jpgraamyt »nd that; man* 
c a use British co mp a nies have been number of managers in tHo y or ve y agers "seemed to place more rel- 
concemed about the so-called the reverse seemed to be true,” the hpk» »n market fashions a nd sh or t- 
“short-tennism" of inv es t ors. They Bank says. 


two or three-year period. traders erf shares. Good quarterly average once every five years, in in- altering the timing and method of 

performance was also important for vestment trust portfolios once every payments, has gained a greater 
Most m a nager s hwd on to shares winning new clients, especially three years and in unit trust portfol- flow and assurance of i nc o me dur- 
untfl they a re cw tpertoxmmg the from the US. ios once every two years. ing the important early years of the 

market by between 15 and 30 par „ , , tonnel's op^atkms. 

cent before considering sailing The bank criticises some pension The Bank also said it was not The dt - l will increase the amsnr- 

fbem. fund trustees who it says, “seem to dear that Mgter turnover was re- tinm's fleribOily to raise the fore- 

__ _ . , , J . lay down unrealistic targets for the fleeted in a higher return on invest- -»** of return to investors 

Tte] B ank acknow ledges, how pe rf or m ance of the funds In the ments. One insurance company had when it comes to publish its oros- 

hands of outside managers without d ®f^. costs negated pectus for this utunn's <aS 

has increased and that some man- wmsidwTrig the risks that would he the benefits of high turnover on maa- _r»__ 

agers "seemed to place more rel- entailed in trying to achieve them." unit trusts, and had d ec i d e d to keep ^ statements of confi- 

unM on market f&KhinnR nnri chnrt- «ui i. ai--. c i -j. w in Cams . inc Dreez y ssarements oi conn 


The Bank acknowledges, how- 


jaoceon market fashions and short- 
term in price." 


felt that the tendency to take a These m an a g ers, according to the Those under particular pressure techniques of different types of turnover and performance. 


Although the survey finds wide turnover lowin future. Some mer- aadmutua! support which 

disparities between the investment chant banks found no link between punctuated this week'sazmoimce- 

* 1 9 _ e l*re a. 1 —f ninifuiAM ann * 


BY PAUL BETTS IN CALAIS 

THE EUROPEAN INVESTMENT 
BANK (EIB) yesterday agreed to 
back the construction of the 
d imind tunnel with Oho 
to the Anglo-French Eurotunnel 
consortium. 

The EIB loan, coupled with a 
compromise agreement reached 
earlier this week between Euro- 
tunnel, British Rail and the 
French railways, SNCF, over tin 
pice the railways will pay for 
use of the tunnel, has uow “put 
the tunnel project back on the 

right tracks” after the uncertain- 
ties of recent months, Mr 
Jacques Dooffiagues, the french 
Transport Minister, said yester- 


day. 

Mr Dooffiagues held talks with 
Mr David Mitchell, the British 
Transport Minister, in Calais af- 
ter the British official visited the 
French to nnft l construction site. 

Mr Mitchell returned to Lon- 
don for a debate in the House of 
Commons !■»* night the 

Channel Tunnel Bill to be carri- 
ed forward immediately after the 
general election. British officials 
sp'd the l egislatio n discussed last 
night would enable Parliament 
to pick up the passage of the 
Channel Tunnel Bill where it 
had been interrupted before the 
British elections. 


Definition 
of money 
not unique 


Bigger slice of incomes spent on servicing debt 


ments from the railways and the joint chairman 
consortium belie the icy nature of partly because 
some of the exchanges between the had the tough 
two sides during the negotiations. ties that Enrol 
The railways resented the robust was to succeed. 


joint chairman earlier this year. La ted that only 40 per cent of fore- 
partly because it was felt that he cast tolls would be guaranteed, 
had the tough management quail- The arrangement will run for the 
ties that Eurotunnel needed if it first 12 years of the tunneFs opera- 


MANY BRITISH households are tor. In other words, the people in 1985 was nearly seven times the 
now having to devote a bigger free- building up debt are, in general, tin- number repossessed in 1970. 
tionof their disposable income to likely to be the same as those who Such difficulties are not a feature 
servicing their debt than at any are stocking up assets. of the honwng market alone - there 


v tion of their disposable income to likely to be the same as those who 

MA i. servicing their debt than at any are stocking up assets. 

flllL lini llllH timem the past two decades, ac- Research carried out by the Fam- 
* cording to the Bank. fly Expenditure Survey suggests 

THE BANK of England intends to This is one of the findings at an that it is mainly younger bouse- 
provide puhKc information on the article on the financial behaviour of holds that hold debt ami older 
behaviour, components and coun- the personal sector between 1976 households which have assets, 
terparts of two more aflgm gntoc of and 1985. There has been a near Further evidence from tnland 


Mr Atastair Morton, had pnb- 


8 teftere meet spending, rather than increas- ^soughttopSp^^onthem 
are stocking up assets. of the housing market alone - there mg borrowing. Zrf tl i iT.TTl 

_ B MearcharrMoa: j r the Fan- h Maisoheena rise i ntham mber In the 1980s, hmrerer, daregala- £le 
fly Expenditure Survey suggests of co un t y co u rt actons started to re- tion of financial markets has led to her 
that rt is _ mainly younger _ house- cover debt • period of intense comoetiton in ^ ^ 


was to succeed. ton and will, says Mr Morton, pro- 

In one sense the deal will be a vide Eurotunnel with an assured 
disappointment, given that Euro- source of income over this period, 
tunnel has not achieved the in- According to Eurotunnel, tolls will 
crease in tariffs for which it had also be paid a month in advance, 
asked. This was never likely to be The that anv short- 


bread money growth from now on, 
as well as the current measure. 
Sterling M3. 

The Bank said ft at it had 
reached the inescapable conclusion 

that tiim> it rtt ) imiqi«> ijuBnitiiw q{ 

broad money. 


co "* r deM - a period of intense competition in EurotinmeL for its part argued 

The Bank raiggests that the ex- which financial institutions have that this agreement was too gen- 
pansion of the mortgage market not only widened the choice of as- erous to the railways and that BR 
may have led to a decline in the rets available for personal sector and SNCF should be doing more to 


crease in tariffs for which it had also be paid a month in advance, 
asked This was never Kkely to be Th e qualification that any short- 
conceded by the railways. Instead, fall in minimum usage payments be 
have agreed to & series of me t out of the railways other oom- 
changes which will affect the hm- m e rcial operations is important if 
mg and the way in which they the railways are not to be accused 


and 1985. There has been a near Further evidence from Inland may have led to a decline in the sets available for personal sector and SNCF should be doing more to 

doubling in the real stock of liabili- Revenue Surreys suggest that it is quality of loans, but that societies funds but also offered new nwnnp sunoort a maiect bam which thev 

ties held by the personal sector dor- the younger and. poorer households must staffed that it is profitable to of borrowing. stood to make substantial rains. * 

tog the last decade which has given that face the hfebest debt-service do th^ despite the likelihood of Liberalisation of markets could In the event, neither sddThad 


make their payments. 


of providing backdoor state gtiaran- 


tog the last decade which has given that face toe highest debt-service 
rise to concerns that the household ratios. Some in this category have 
sector is now htwwtiiwg overex- been encouraged to take on more 


that face the highest debt-service do this despite the likelihood of 
ratios. Some m this category have more defaults. 


tended. 


been encouraged to take on more A broad outline of the changes in 
debt by the Government which has the personal sector’s balance sheet 


This accumulation of debt has offered teem the cham* to buy during the period shows that there- ty restrained, are now able to main- paid by BR and SNCF, would have 


The importance of these changes tees, outlawed under the terms of 
should not be underestimated. To the Channel Tunnel Bill currently 
begin with, the railways have before the House of Lords, 
agreed to make a minimum month- _ . ._ 

ly guaranteed payment to Eurotun- J^ e 

nef equivalent to around 60 per afl ^ the J B ®8^? nfi °, f 

cent of forecast rail tolls. Any shirt- the to .bemet by the rail- 


'Any choice of dividing Ena be- been accompanied by a substantial houses, the Bank com? fio of gross liquid assets to income tain consumption levels more easily been severely dented if it had failed 

fiftn fmanrnal mm Jnn t. — mPTltK. f.n J I L.U I L. * _ it. « « ^ x a 


tween those financial assets in- rise to net wealth, which in theory zuente- 


eluded in, and those excluded from, could justify increased borrowing. The Bank points to the sharp in- of the 1970s. 


fell steadily during the second half ter borrowing, the Bank says. to win any concessions. A compro- 


broad money is to a degree arbi- However, the Bank points out crease in the number of households This reflected periodic restictions of a heavier debt burden may mean week at a meeting to London, 

trary, and is likely over time to be that these overall trends may con- farin g severe debt problems to re- on mortgage borrowing and direct that spending will be more suscepti- But of how much value are the 

invalidated by developments in the ceal divergent movements within cent years. For example, the mint- monetary controls and guidance ble to policy-induced interest rate concessions won by Mr Morton? He 

hpp nf hniHM IsVmi intn nnccoccirai nkinli Komlr InnJina aliinmu- H... 


financial system,” it said. diffarent parts of the personal sec- 

Tbe Bank said that the Unrring 

of the distinction between the actw- m ' j • , 

toes of banks and building societies 'I QY 511111 lUf 
over recent years may now have ■“* 
readied a point where, in the intrt> i 

ffifSTiSs changes all 

• stons of companies are heavfly in- 

Tne Government has sheody an- ffapiyyvl by tax »rwi mterert rate 
nounced that it will not formally changes, says the Bank of Endand. 
target Sterling M3 ffiis financial chamrestoS 


different parts of the personal sec- her of bouses taken into possession which limited bank lending. 


changes than before. 


au w» v cvcus uciui cii aim, uou OgiccIL UJ JilOhc d mu m it- 

have weakened the leverage of anything to gain by being obdurate, ly guaranteed payment to Eurotun- pe other concession won by Eu- 
monetary policy since those bouse- The consortium’s credibility, after nel, equivalent to around 60 per rctunnel affects the weighting of 
bolds which wae previously liquidi- having raised toe issue of charges cent of forecast rail tolls. Any short- “ e “ be met by the rail- 

paid by BR and SNCF, would hove fall in revenue, as a result of rail ^*5^ which will be heavier during 
been severely dented if it had faffed traffic falling below this minimum the early years of the tunnel s oper- 
to win any concessions. A compro- level, will have to be met out of BR ations - 

rnise was finall y agreed earlier this and SNCFs other commercial open- The agreement with the railways 
week at a meeting in London. aliens. should also pave the way for Euro- 

But of how much value are toe Previously, the minimum usage tunnel to conclude loan and standby 
concessions won by Mr Morton? He agreement, as the railways and Eu- credit arrangements, worth £5bn 
was appointed toe consortium’s rotunnri prefer to call it, had stipu- with about 40 international banks. 


On the other band, the existence mise was finally agreed earlier this 


Tax and interest rate 
changes affect planning 

THE LONG-TERM financing ded- financing, 
sfons of companies are heavfly in- The results showed that the size 
fluenced by tax and interest rate of a mm jm w y affects Its 
cha nge s, says the Banket E nglan d, smaller companies reacted more to 
It concludes that changes in the increased risk, and, in response, re- 


4:??: v 

r/'.' ; • 


y. 

te r . re? 


• . <:/. ■■ 


year. Tins aggregate includes pri- gystem of company taxation, intro- dueed dividends ■«! strategic debt 
yate sector holdrogs bank depos- dueed in tbe 1984 budget, may have financed by larger companies, 
its, but exriwfes p rivate sector bold- imd a profotmd impact oa the divi- , Larger companies appeared hap- 
mgs of building society snares and dead policy of ra*m|uintp« and on pier with Ugh levels of strategic 
deposits. 1 the way they finance their spend* debt and finanrud more of their in- 


deposits. ■ jte way they ftimw* their spend* 

From now on Sterling M3 will be ing. • 
renamed simply “M3," while toe It fiiU that increases tokmg term 

current measure c alled M3, which . rates of interest reduce dividends 
iiKladesafl the components of Sts^ s u b s ta ntial ly, but if short-term 
ling M3, plus private sector bold- rates rise relative to kmg term 
togs of foreign currency bank de- rates, the amount paid out in- 



posits, will be renamed M3c. 

The Bank also introduces a new 


creeses. 

The effects of tax increases can. 


measure of broad money simply, however, be perverse. The Bank 
which includes the components of says that hi ghe r tax payments 
Starting M3 as well as building sod- seem to raise dividends by quite 
ety deposits. This will be called M4. large amounts. This is because a 
Another broad money measure, co mpany with higher tax payments 
M5, monitored for some time under is more likely to gain tax advan- 
tbe name PSL2, not only includes tages by distributing its income, 
building society deposits but also The Bank used data from 650* 
some liquid national revings instzur companies based to the UK, and 
ments, Certificates of Tax Deposit producing a nnu al reports every 
and private sector holdings of mon- year between 1969 and 1984. to 
ey market instruments such as model flows of funds to companies. 
Treasury bills, local authority bills hetmeen dart-term 

and bankers’ acceptances. flows and longer term, or strategic, 


vestment spending in this way. 
Large companies also responded 
more to tax changes. 

The Bank found a considerable 
lag between changes to a compa- 
ny’s circumstances and its dividend 
and strategic debt decisions - with 
some effects still emerging even af- 
ter two years. 

Short-term flows of funds to com- 
panies tended to be volatile, sug- 
gesting fids is the first line of ad- 
justment when planning for the 
short run dgaHng with unex- 
pected derelcpmente 

The amount paid out in dividends 
was more stable, but the ratio of 
dividends to profits net of tax was 
subject to large fluctuations. This 
implied that divident payouts ref- 
lected the longer term prospects of 
the company. 


PC;:’T 


SSfev pc 


-.\OKH.Ma.S HUNS AUKKNVriVl INUSIMIM.s IA\ Mi(tN VIAIsOi^ l’K(\ \ll lff \I III 


F.-vpert advice 
about money 

Hsit the Soottidi Money Show for free advice on just shoot 


The MoocyShow opens at the Scottish Exhibition + Conference Cetane, Glasgow on 
I4to May until l<Sch May Three days of expert advice and idea s in are taxed and i nformal 
jttmosphere fram setwes of leading^ ^ financial and imtstment °rgato»tionsandparsoa- 
aiities. PIDS special Business Scminac FREE Shew Catalogue and fowcgineotaikte. 

Seminars a? all vsirors (seats allocated on a first come first sencid bass>. 


uttMtotm*staturnpsum+AnQffiSbor*ImmtmentsJoryou?MDoyouneedI4fia 
■ Sttertino the best mortegec ■ RetutineHtPUambig - when to start, 
how to doit n How to invest in Unit 7lnsts ■ How to avoid Capital Gains Tax 

■ Pensions for tbe Self-Employed \ ■ How to pay ScbooMees ■ Wbat, an, Investment 
y^j/stx?a iKfnrXistinC! in commodities worth cansideiing? w Wins - doyoubaveone 

■ Pmonal Insurance - whose is 

Hzrtnersbip Brea&tms - wbat to <*>■ Tbe Rnandal Sendees m and itshnpact 

%Qav^imorot£yourct^jnanagpment?skHcsvto<iK>oseyourSto<MaaheK 



on -aioKi r- 


! \\ Min.RK.N tNUMMlM uni.st.u.N 


“A very successful trading period 
highlighted by a strong performance from 
H Samuel, where considerable potential 
remains and once again significant growths* 
Ramers, now firmly positioned for further 
rapid expansion." 

^ Pre-tax profits of £215 million on 
turnover of £1582 million 

♦ hamings pershare up by 112% tol7£7p 

^ Ordinary dividend up by 33% to 4.0p 

^ Confidence in yer another excdlcnr 
yeaz; wito turnover to date up 57% at 
H Samud and 43% at Ramers 


1987 1986 

(43 weeks) (52 weeks) 

Turnover (£T000) 

158^78 

44340 

Profits before tax (£’000) 22340 

4,284 

Earnings per share (p) 

17.87 

8.43 

Ordinary dividend (p) 

4.0 

3^> 



EPS17B7p 


For a copy of the 1967 Annual Report, please 
write to: The Secretary; Ramers Group pic, 

25 Great Portland Sum, London WIN 6HH 


EPS 843 p 



EPS420p 


EPS142p 





RATKERS • H SAMUEL : TERRY’S - WATCHES OF.S'VITZERLAND - JAMES WALKER . 







^Financial TlffiSs May 14 1987 


10 


TECHNOLOGY: Computing 


BY ALAN CANE 


Programmer productivity 

How Chinacraft founded 
a software dynasty 


MR BRYAN Snowden joined 
Chinacraft just over a year ago 
as data processing manager with 
one major objective — to take 
the UK fine china and hotel- 
ware group into the new world 
of in-store technology. 

Formerly electronic point of 
sale (Epos) implementation 
manager for the Currys electri- 
cal goods chain, his job was to 
set up an Epos system for all 
40 Chinacraft shops, together 
with group subsidiaries like 
Casa Pupo the pottery shop 
chain. 

It took, however, only a 
superficial glance at Chinacraffs 
Barley Road. London, data pro- 
cessing installation to convince 
him that Epos would have to 
wait while he attended to more 
basic problems. 

“The hardware, IBM System/ 
34 and System/36, had too little 
capacity and the software was 
a mess,'* be says. “It would have 
been impossible to develop an 
effective Epos system on that 
basis." 

Nevertheless, be is now in a 
position to start work on giving 
Chinacraft a competitive edge 
through Epos after clearing up 
the software mess in double 
Quick time using an innovative 
software approach. 

Epos is one of the most Im- 
portant steps on the road to 
electronic shopping; it requires 
that cash registers are re- 
placed by computerised tills 
connected to an in-store com- 
puter. That computer is is turn 
linked over telecommunication 


lines to a data processing 
centre. 

The advantages brought by 
Epos include faster manage- 
ment reports, better stock con- 
trol and improved marketing 
information. 

So Mr Snowden had to find 
some way of implementing an 
advanced computing and data 
communications project on the 
back of a system that was 
simply sot op to it And be did 
not have unlimited time or 
money at his disposal. 

Gaining competitive ad- 
vantage from the use of a tech- 
nology like Epos is very much 
a matter of a system in the 
right place at the right time and 
at the right price. 

He decided to scrap China- 
craft's entire installation, hard- 
ware and software and start 
from scratch. 

Choosing new hardware was 
comparatively easy — the IBM 
System/38, a medium-range 
machine with a novel design 
(architecture) which makes it 
particularly well suited to hand- 
ling business files, was a dear 
favourite. 

Rewriting all the company's 
business software to fit the new 
machine was another matter. 

Chinacraft had ruled out the 
use of packages, generalised 
software which would mean 
changes in the way the com- 
pany handled its accounts, so 
tenders were invited from a 
range of software houses. 

The bigger, prestigious soft- 
ware bouses lost out on grounds 
of cost: "Those companies are 


still living in a world of main- 
frames and set their costs 
accordingly” Mr Snowden says 
tartly. 

In the end be settled on 
Syaon, a tiny, five-year-old com- 
pany based In Islington, North 
London, What attracted Mr 
Snowden to the company was its 
acknowledged expertise in Syv 
tem/38 hardware and a special 
product, a package which would 
enable Chinacraft to write all 
its own System/38 software 
rapidly and economically. 

Called Symm/2. the package 
is basically a set of software 
production tools together with 
an application generator, a piece 
of software which writes com- 
puter software automatically 
from very precise instructions 
governing what dt is to do. 

When CMnacmft first made 
contact with Synon, the package 
was not entirely finished; Mr 
Snowden was able ito sell Synon 
computing time on bis System/ 
38 while the Synon team 
completed its work. 

It also guaranteed a close 
working relationship between 
Chinacraft and the Synon 
specialists as they began to 
tackle the huge task of over- 
hauling all Chinacraffs soft- 
ware. 

There are a great many 
application generators In the 
market as well as so-called 
“fourth generation" languages, 
which are also supposed to 
make the production of high 
quality software faster and 
easier, Mr Snowden says, how- 
ever, that he has never seen a 



Bryan Snowden (right) and Bond Street manageress, Greta Usher (left): Soon Chinacraft wOl 
be selling Its products to the buzz of electronic registers 


generator for the System/38 
which is as complete as 
Synon/2; “It is a start-to-flnish 
product," he says. 

And what makes the China- 
craft development especially 
Interesting is the production 
figures Mr Snowden has com- 
piled for the project Bis data 
processing team numbers only 
five in total; himself, a systems 
programmer, operations con- 
troller. operator and trainee 
operator. 

Using Synon/2, however, he 
reckons to have generated some 
1,660 programs already, some 
simple, others relatively com- 
plicated. 

He calculates that bis team is 
now producing a new program 
on average once every 1.65 
hours. It all adds up to 447,000 
lines of source code, software 
written directly by the pro- 
grammer, at a rate of 114 lines 


of working code per man hour. 

To give some idea of the 
productivity of Synon/2 com- 
pared with traditional methods 
of software development, 
received wisdom has it that 
100-250 lines of code per man 
day is good going. 

Synon/2 costs £27,000 and 
probably saves the cost of two 
conventional programmers. Mr 
Snowden estimates that it takes 
a good systems programmer 
three months to get up to speed 
using the package but that still 
Implies a pay back in six 
months “ and positive cash flow 
in two years." 

Synon/2, according to Mr 
Simon Williams, co-founder and 
managing director of Synon, is a 
combination of three products, 
Synon/1. a programmers' work- 
bench, S/38 Standards, a set of 
rules for programming the 
System/38 which Mr Williams 


believes is unique and which 
IBM: itself endorses, and 

Synon/2, the application 
generator itself. 

Synon/2, the company's first 
package, already has 150 users 
worldwide. In addition to 
Chinacraft, Synon/2 is used by 
Citibank, the US financial group 
which was a testing site for the 
product 

For Chinacraft, it has made 
possible some approaches that 
would be considered very risky 
in conventional data processing 
terms — for one part of the. 
accounting system, for example, 
system testing was abandoned 
in favour of going directly to a 
live pilot So far, it has proved 
satisfactory. Mr Snowden is now 
looking forward to the day when 
he can get back to his first 
enthusiasm. Epos. 


Companies scrimp on measures to prevent system disasters 


HOME computers and software 
packages figure prominently in 
the latest list of computer disas- 
ters in the UK compiled by 
Kenneth Wong and William 
Farquhar of BIS Applied Sys- 
tems. 

Fire and explosion remains 
tiie most common hazard, how- 
ever, with some 36 per cent of 
all disasters recorded since the 
1960s resulting from these 
muses. 

The authors warn that al- 
though managers are aware of 
the threats ito their ability to 
carry on their business if their 
computer systems are out of 
action, in many cases sufficient 


funds are stiH not being made 
available to provide effective 
cover. 

Although computer disasters 
are uncommon, they say, the 
total effect on a company can be 
devastating: “The chance of a 
company suffering from a com- 
puter fire Is roughly one in a 
thousand. On the other hand, 
standby provisions cost money.” 

They argue: "Many computer 
service managers are constantly 
reminded by senior executives 
that reasonable steps should be 
taken to ensure that the com- 
pany does not suffer a major 
set-back in business operation, 
yet at the same time they have 


experienced great difficulty in 
obtaining a realistic budget tor 
standby provisions to cope with 
an extended computer dis- 
ruption." 

Among recent examples they 
note the case earlier this year 
of a fire at the Open University 
which gutted a wooden com- 
puter room housing a Digital 
Equipment VAX and files of 
information stored on tape and 
disk. 

The computer and the files 
were completely destroyed at a 
cost of some £500,000. The value 
of the programs and research 
data stored on the tapes and 
disks were incalculable. Back- 


up copies had been stored In 
the same room and were lost 
also. 

The room had been built as a 
temporary measure some years 
before the disaster, but shortage 
of cash had prevented either a 
move to a permanent site or 
adequate fire prevention facili- 
ties. 

Television comedian Tom 
O’Connor found it no laughing 
matter when has wife put a 
chicken in the microwave oven, 
turned it <ro— and wiped out 
thousands of his best jokes 
Stored on his home computer. 

The computer was being used 
is the kitchen in dose proximity 


to the microwave. The BIS study 
suggests that the oven was 
leaking: “ The waves created an 
Intense localised force field 
which could have affected the 
voltage on the computer’s disks 
and erased the data held on 
them." 

A home computer proved a 
trial to a judge who used It to 
write up his ruling on one of 
the defendants in a heroin 
smuggling case. It took nine 
hours and he lost the lot when 
he pressed the wrong keys by 
accident 

The trial was put bade a day 
while the judge prepared a 
second version of his ruling — a 


move which cost between £5,000 
and £10,000 in legal and witness 
expenses. 

Ur Wong and Mr Farqnbsr’s 
study shows a strong increase in 
the number of disasters involv- 
ing software over the past few 
years. 

They say there has been an 
Increased use iff software pack- 
ages bought off the shelf from 
software developers: *“ Unfor- 
tunately for some organisations, 
the packages failed to reach the 
required standard of quality.” 

Computer Disaster Casebook 
BIS Applied Systems, 01-633 
0866, £50. 


When will 
the UK 
learn to 
trust IT? 

UK COMPANIES are still refus- 
ing to tabs information tech- 
nology (IT) seriously according 
to a new report, published last 
week. 

Price Waterhouse. the 
management consultants, pub- 
lished its latest information 
technology review which sug- 
gests that for the second year 
running, UK companies are cut- 
ting the amount they plan to 
spend on computing and com- 
puter systems. 

Its conclusions are based on a 
regular quarterly survey carried 
out in conjunction with the 
weekly newspaper Computing. 
The survey has, over the eight 
years of its existence, identified 
many of the important trends 
in British -data processing. 

The review says that on 
average, UK companies with 
data processing departments 
employing five or more staff 
are set to spend £L6m in 1987, 
including the cost of hardware 
maintenance and telecommuni- 
cations. 

vwiiniWiig maintenance and 

data communications equip- 
ment, the planned expenditure 
turns out at £1-27 m. Adjusted 
for inflation, the 1987 figure is 
L2 per cent down on the IGS8 
figure, which itself was 1&2 per 
cent down on 1985. 

Professor Kit Grind! ey, 

author of the study, suggests 
that the figures for 1987 sug- 
gest a failure to recover rather 
than another fall 
He believes the chief cause 
Is a. new and very tough 
scrutiny of data processing 
budgets, quoting one data pro- 
cessing manager who said: "I 
guess top management were 
bitten badly in the early days. 
Or they find this 'competitive 
advantage through IT 1 idea 
that the business schools are 
pushing a blt dubious. No more 
tomorrow's world, they say. 
until we see some benefits 
today." 

How much should a company 
be spending on IT? The Price 
Waterhouse study suggests an 
average in the UK. based on 
survey returns, of about 0J97 
per cent of corporate turnover. 

The survey picks up a trend, 
however, which has been noted 
in other research, that an 
appreciable proportion of infor- 
mation technology spending 
now takes place outside the 
IT budget. 

It says that about one-third 
of IT expenditure in UK com- 
panies will take place outside 
the date processing manager's 


Lovell 

for management 
contracting 


budget— in the US, the Diebold 
organisation estimated that in 
some companies as much was 
being spent on IT outside the 
official data processing budget 
as within it 

Adding in the spending out- 
side the budget takes the total 
for UK companies to 1-5 per 
cent of turnover. 

Meeting project deadlines 
remains the data processing 
manager’s greatest concern, an 
issue that has been top of the 
•‘worry" list tracked by Price 
Waterhouse since 1982. Pro- 
fessor Grindley argues a little 
wryly that productivity aids 
have only made matters worse 
by e ncouraging demand for new 
systems. 

On the positive side, the 
review suggests that the status 

At board level the 
attitude is “No more 
tomorrow’s world 
until we see some 
benefits today ” 

of the date processing manager 
is increasing by leaps and 
bounds. Within five years, it 
says, almost half of all 
managers will be on the board 
and the other half will be 
reporting to a board member. 

“Five years ago" it says, 
only 18 per cent of data pro- 
cessing managers reported to 
the chief executive and a third 
did not even report at board 
leveL Today there Is a small 
increase in the number report- 
ing to the boss. But those not 
reporting to somebody at board 
level has fallen to a fifth. And, 
to help tilings along, most have 
changed their title to IT 
manager." 

There will be shifts in res- 
ponsibility as the status of the 
data processing department 
rises. The department will be 
less concerned with total solu- 
tions to data processing prob- 
lems and more involved in the 
construction of the “care sys- 
tems." the -foundations of the 
company’s entire information 
technology strategy. The users 
will be able to build their own 
applications,- so the argument 
goes, mang the new software 
production tools like fourth 
generation languages. 

IT Be view 1987, Price Water- 
house, 1 London Bridge, SE1 
QL9, free of charge. 


.v • *> • 

" ' ■ 

i Y f '*‘: : ' 

v r V ’ ■ 





ife 




r£: . ' 







s- 


As aerospace manufacturers, McDonnell Douglas 
have long been among the world's Iargestusers . 
of InformationTechnology:- So extensive has been 
our experience that we’ve developed our own IT 
business, embracing computers; CADCAM, 
applications software and communications ; - 

systems. • - c 

• - When we needed Computer Aided Design! " ' 
and Manufacturing (CADCAMb we pioneered the. ■ 
techniques ourselves. We have since achieved 
an outstanding capability to supply CADCAM s - 
solutions, ranging from aidiitecture, engineering 
and construction, to facilities management, ■ 
manufacturing and robotjes-using our GDSand - 
.Unigraphics 11 products. 

• When we pioneered the Pk^pperatingsystern,- ■ 
we quickly betame market leaders. We stiO are: 


with nearly 14,000 instalfations'-raj^d eadibr^tises V.;£*3 
. hardware designed and built byus-as well;' : ' ; ;i i " - ■’ 

. ij u.i ‘ t i : ■ V. : ■ ' • 



'• • McDonnell Douglas InfomiationSyst^ 










BaseRate 

BCC announces that 
from 14th May 1987 
its base rate is changed 
from 9\% to 9% p.a. 


Bank of Credit and Commerce International 

SOCIETE ANONYME LICENSED DEPOSIT TAKER 
MO LEADENHALL STREET, LONDON EC3A 3AD 


INTERNATIONAL 
COLLABORATION 
IN AEROSPACE 

-Problems, Progress 
& Prospects 

Paris 9 & 10 June, 1987 


Fb rMbn MB anjto M wamftb 

a dtotaam niogiB m rw in yur 

buahmaemtto: 

Financial Times 

Conference 

Organisation 

Minster Moose, Arthur Steed-. 
London EC4R9AX. 
/UtemsAtifc 
tetephan* 01-421 2355 
fetac 27347 FTCONFG. 
fax: 01-623 8814 



Monday, June 1, 1087 

830 am.-530 pjn. 

Inn on the Paris, London 


Seminar on 
Investing in 
American Media 

Register now tor the flkst public forum conducted far European 
invertors and media executives by American media analyst Paul 
Kassil in cooperation with Rothschild Inc. 

Thavahies of pubidy traded raetSa companies in the U.S. have /tesn 
dram a flcaiy in recent years. Vi/haTs behind thefr tremendous move 
and how mud) potential remains? 

Ito Merino speaksrawfl present facts about their companies and 
Incbisty trends; 

awwrtBWr Prasfcfent/CEO UoiM Artists Comm. 

Charies Dolan President Cabtot&on Systems 

Stuart Hanch ExscufivaVP/COO tOng World Productions 

PHi Hu tf iute i President Camlco Pictures 

Geoff Katana Vice President HtanwCbrrvrur&sSons 

Glam Jonas President Jones btenaUe 

JofaffSIepI Vice President CMa Craft tottostrba 

Mctael Jay Solomon President Lorimar-Telepicturss 

EmnThonipaon President United Television 

■Menton Paid Kagan, Preddant, Paul Kagan Associates 

These speakers represent a aoseaecUon of American media. Their 
companies have extensive interests In cable TV systems, television 
gtaSons. TV progr a mming, motion pictures and recorded music. 

Advanced regisfrafion fees ara required. For more information, 
please caK 


►' Ctenal O'Connor, Seminar UncSor 
0K>H«B) 0M-1S38 

Pert Kagan AaaocMae, few. 

128 Clock Ibanr Place 
Cannal.CA 93823 


> Richard Shikmt 
0101 -{21 2) 757-6000 
fMtncMUbw. 

1 RocksMerHua 
Now Yoifc, NY 10020 


BuAfepsfs 

T A 1 L o" R “l N* G 
Offta a complete latni 
Ta i loring Service at your home 
ot office. 

2 piece suite from £250. 
For farther in formati on 
-and the name of your neatest 
Waiting Tailor contact 
Burberry Tailoring 
Telephone 01-839 2434 


EXECUTIVE CARS 

The Financial Times proposes 
to publish this sur re y on 

MONDAY JUNE 1 
Far tuft daultt, pint* contact: 

COLIN DAVIES 
on 01-248 8060 ext. 3240 
FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 
TP* content, aha ana publication 
V«« of Survey* in tha Financial 
Tbnaa arm aublaet to change at 
the Alteration at the Editor 


GMAC 


iSESS&ESSa 
■smaasaaEiSagasge 


335SC 




'•***« On/UhnrtasMar 




f ftanaqr WMUM JKJC 

teOSCAN OURAJVTT'mtSTCOMPW 
... 


Autumn 
comes to 
Country Life. 

zhculciiRste guide to 
Ausunin gardens, gaidcnlnaand 
autumnal - Country 
The nest way to lode your bat. 

“WMPBO! i»* Reproduction tsquKe 

Andirt die (deni mediuin j 

TortUnstfac top crow-sect Ion of 

Wta raswiffl Pfanfafatuimm 

_ nxb* 

O aw icr Nigel 

OX-2615401. 


1 






11 


tfmantisl Times Thursday May 14 1987 


THIS YEAR, WE’VE TREBLED 
THE STRENGTH OF OUR DRINKS IN 

AMERICA AND EUROPE. 


RIVALS WILL FIND IT VERY 
HARD TO SWALLOW.) 

At the end of last year we bought a round of drinks. A very large round of drinks indeed. It 
was valued at £1,250,000,000. We bought control of Hiram Walker One of North America’s most 
successful spirits and wines companies. 


Overnight it made our drinks business in the States fifteen times stronger. And on the 
continent it increased our strength dramatically. In fact it made us one of the largest spirits and wines 
companies in the world. But more importandy it brought under the AlliedEyons umbrella such famous 
international brands as Kahlua, Tia Maria, Ballantines Scotch Whisky Courvoisier Cognac and 

• I 

Canadian Club. 


A perfect round of drinks to mix with our own best selling brands: Cockburns Port; Harveys 
Bristol Cream; Warninks Advocaat; Babycham and Teacher’s. Because it means we now have a 
distribution network which ensures an extra welcome for our drinks in the bars of America. 






yxZ. 




. •* 


WARNINKS 

The best selling advocaat 

in Britain. 


KAHLUA 

The best selling imported 

liqueur in America. 






BALLANTINES 
The best selling scotch 
in Europe. 


& 




gs«s.v. 




HARVEYS 

The best selling sherry 

in the world. 


COURVOISIER 
The best selling cognac 
in Canaria. 


COCKBURN’S 
The best selling port 
in Britain. 


As well as ensuring a warm reception for Hiram Walker’s drinks in British pubs and the parts 
of the world where we are already well established. But of course the success of blending two such highly 
spirited companies doesn’t stop there. 

Hiram Walker’s extensive world networks open up our market opportunities throughout 
Europe, South America and the ever expanding Far East. And our combined resources will give us a 
much broader. base from which to launch new products in increasingly fashion conscious drinks markets, 
throughout the world. 

The Hiram Walker acquisition is another example of our commitment to our role as a 
leading international food, drink and leisure group. All of which isn’t going down too well in the 
boardrooms of our competitors. Because as our spirits and wines division goes from strength to 
strength, other drinks companies have even less to raise their glasses to. 


rj- ■' *** > .. i 

»\ v m f" * • Vv 

r ~ -3 


BABYCHAM 

The best selling sparkling 

perry in Britain, 


TIA MARIA 
The best selling- coffee 
liqueur in Britain. 


CANADIAN CLUB 
vf 9 The best selling Canadian 
^:.v*.C 7 v VV-S whisky in Canada. 


t 



MANAGEMENT : Marketing and Advertising 


Financial Times Jhursdax May, 14 1987 

EDITED BY CHRISTOPHER LORENZ 


Alfred Dunhill 


limine order to 


a muddled image 


SY FEONA McEWAN 


MENTION Dunhill to a 
Japanese businessman and he’ll 
very probably think of prestige 
menswear and accessories. Say 
Dunhill to his British counter- 
part and the chances are you'll 
bring to mind classy cigarettes 
or possibly posh men's lighters. 
Talk of Alfred Dunhill and 
you'll probably confuse every- 
one. 

This fuzzy picture of what 
Alfred Dunhill stood for 
emerged wben the 80-year-old 
family firm — purveyor to rulers 
and royals of fine tobacco, 
watches and suits — decided to 
take a long hard look at itself. 
The result: a new identity pro- 
gramme involving a thorough 
overhaul of its premises, its 
packaging and a stringent 
review of its merchandise. 

In image terms, the retailer 
suffered from a dual person- 
ality, according to advertising 
agency BBDO, which has newly 
won the £5m Dunhill account 
One was a stodgy stuffed shirt 
image, the other, epitomised by 
Edward Fox in the Day of the 
Jackal, understated, immaculate, 
classically well dressed as 
opposed to fashion conscious. 

It is not hard to Imagine 
which Image the company 
wanted to see itself cast in. The 
task was to get its present and 
potential customers — and 40 
per cent are women buying for 
men — in 20 countries, to see 
things their way. 

A look at Dunhill stores 
around the world showed that 
it was less than surprising that 
perceptions were muddled. The 
disparate collection of branches 
was notable for its uncoordi- 
nated look and lacklustre lay- 
out. 

There was luggage in con- 
veyor belt rows, watches— 
which start at £700 — and co vet- 
able items hidden away in 
obscure cabinets. Five different 
advertising agencies around the 
globe and some seven public re- 
lations companies did little to 
draw together the group's 
piecemeal image. Its flagship, 
the Jennyn Street store in Lon- 
don. for instance, to which the 
Japanese in particular are 
drawn in droves, was a rabbit 
warren of dark comers, intimi- 
dating to tb« uninitiated and 
haphazardly laid out. 


This lack of cohesion was a 
reflection of the way the busi- 
ness had evolved over the years. 
The company had begun in 1907 
as a tobacconist, albeit an up- 
market one, keeping the high 
and mighty in cigars and 
tobacco. Customers have in- 
cluded Winston Churchill, 
Harold Wilson, Somerset 
Maugham, Frank Sinatra, 
Rudolf Valentino and the Duke 
of Windsor. 

In the 1920s the Dunhill name 
spread on to watches, pens, 
leather goods, cuff-links; in the 
1970s it flourished into Bill 
scale menswear. Now, barring 
underwear (“we're unlikely to 
get into this unless perhaps ifs 
silk," says the company) and 
shoes (except in Japan) the 
discerning male can be decked 
out in D unhill goods from socks 
to boater, blazer to brolly, 
wallet to tie. 

The shift in emphasis has 
therefore been gradual and 
growing, but never fully flagged 
to the public, whose perceptions 
have lagged behind the reality. 
And this despite a global advert 
ftcing campaign, and high- 
profile sponsorship of the Dun- 
hill Cup Golf tournament which 
costs more than £L.5m a year. 
Compared with the competition 
— Yves Saint Laurent, Gucci, 
Valentino and Ralph Lauren — 
Dunhill was in danger of being 
left behind. 

The reality of this shift is 
that 10 years ago smokers’ pro- 
ducts accounted for 90 per cent 
of Dunhlll's turnover. Today It 
accounts for about 15 per cent. 
Fashion is 50 per cent and 
fragr ancles are growing fast; 
accounting for about 10 per 
cent 

Dunhill may have moved 
more slowly than some of its 
competitors In co-ordinating its 
image but financial results sug- 
gest it wasn't doing too badly 
either. Unaudited group figures 
to September 1986 for D unhill 
Holdings show group profits 
before tax rose by 25 per cent 
to a record first half level of 
£9.94m on turnover up by IS 
per cent to £69.9ut 

Marketing director Alan Cat- 
ling, two years in the job, em- 
barked on a cohesive retail 



Lander's shop design pulls disparate dements kite a cohesive whole 


identity as a priority. In the 
bid for the account, Landor 
Associates, the American-based 
multinational design consul- 
tancy, better known for its air- 
lines and packaging than store 
design, beat off both Fitch and 
McColl which specialise in re- 
tail design. 

It became clear from the start 
that what bad started out as a 
simple retail Identity— refitting 
the shops — was a more deep- 
seated issue involving a repo- 
sitioning of the company and its 
brand worldwide. Landor 
undertook a “ store audit,’’ 

assessing Dunhill stores in 
Munich, Hong Kang, San Fran- 
cisco, London, New York and 
Japan. 

In appeal and distribution 
Dunhill is that fairly rare item, 
a truly global brand. The 
Dunhill marque appeals to the 
discerning male — whether he is 
Japanese, American or British. 
Like the Coke bottle or the 
Marlboro cowboy, the Dunhill 
brand needs no translating. 

At the core of the problem 
was the confusion between 
Alfred Dunhill, the name on 
the shops, and Dunhill, the 
brand. 

The company was also unsure 
what to do with its tobacconist 
heritage Since smoking is in- 
creasingly unfashionable 

(though not in Japan where 60 
per cent of men smoke) it won- 
dered whether to jettison 
smokers’ products altogether. 

Landor found that Dunhill 
represented different things in 
its thre e to y markets. While 
the US. UK and Japan all saw 
Dunhlll’s message as meaning 


classic, durable, masculine, 
none saw it as meaning 
luxurious or reflecting a full 
range of merchandise. The aim 
of the design project was 
consequently to raise awareness 
of the full range and the 
luxurious nature of Dunhill 
merchandise. 

Having defined what the 
brand needed to achieve, 
Landor focused on the brand's 
habitat, the stores. H The store 
design must follow through that 
message. You can't have the 
brand saying one thing and the 
shop saying something else,” 
says Alan Brew, general man- 
ager of Landor Europe. 

On the tobacco front, the 
verdict was “ keep it" It had 
a masculine quality, with over- 
tones of tradition, heritage and 
craftsmanship, all of which the 
company likes to think it em- 
bodies. 

Lander’s solution has been to 
position the semi-circular 
tobacco area at the apex of the 
London store, visible from the 
entrance, but to get to it; 
shoppers must pass by the 
gamut of Dunhill merchandise. 
The Idea is to encourage more 
impulse purchasing, says Brew, 
since tobacco is normally a pre- 
meditated buy. 

With the London store now 
open, the company will be up- 
dating its stores and shops- 
within-shops around the world, 
starting with Japan. 

Everyone at Dunhill professes 
to be delighted with the new 
look store, but as Alan Catling 
puts it the real results of this 
expensive manoeuvre will be 
shown at the tills. 


IF YOUR company was estab- 
lished in 1887 and every bottle 
of the single malt whisky you 
are selling proclaims the fact 
mi its label you obviously have 
to do something when 1987 
comes round. But the response 
of William 'Grant and Sons, 
distillers of Glenflddich whisky, 

is exceptional. 

From late last month until 
the end of June, William Grant 
is holding an almost continuous 
stream of Scottish country 
house parties for its leading 
retailers, salesmen and distribu- 
tors, and ther wives, as well 

as a few journalists. 

Some 650 people axe 
scheduled to fly to Aberdeen, 
at the company’s . expense, 
mainly from overseas — some as 
far away as Australia. In groups 
of not more than 20 they each 
spend 86 hours staying at 
Pittodrie House, a country hotel 
set in splendid Aberdeenshire 
parkland, which William Grant 
has completely taken over lor 
the period. 

Instead of numbers the bed- 
rooms have names — like Tower 
Room or Turret Room. To com- 
plete the atmosphere of a 
family home Grant family 
photograph alburns and books 
have been dotted round the 
rooms, and the locks on the 
doors have been taped over. 

When I went the host was 
David Grant, the sales and 
marketing director and great- 
grandson of the founder. On 
the first night, when he and 
his colleagues were offering 
their guests after-dinner games 
of snooker, he was wearing the 

SUfit of a London wiiirirWHig man 
— which is what, most ef the 
time, he is. But next morning 
be was in his kilt to lead the 
party to Dufftown (45 minutes 
away) where we toured the 
Glenflddich distillery in con- 
siderable detail. 

And he was even more 
resplendent for the black tie 
dinner that evening. Pronounc- 
ing some verses of Burns in a 
strong Scottish accent and 
ferociously wielding a knife at 
the same time, he cut the 
inevitable haggis, which had 
been ritually piped in. After 
dinner there was highland 
music and w ter aainmant in the 
drawing room and the guests 
even joined in singing Over the 
Sea to Skye — from a song book 
whidh William Grant has had 
speciallv minted for the cen- 
tenary celebrations. 

w illiam Grant has budgeted 
an extra £500,000 for its centen- 
ary marketing and promotion 
operations; last week 170 
people from the British distri- 
bution trade travelled north 
by private train. 

The aim, as David Grant 
explains* is to “use this once- 
in-a-h undred-year 6 opportunity 
to motivate these people so that 
they go away thinking that this 
is the company they want to do 


Glenfiddich centenary 

Some whisky— 
some party 

'James Buxton on a marketing extravaganza 



IBS 


David Grant, grandson of the founder, William Grant: 
budgeted an extra £5DC*000 for its centenary promotions 


business with and these are the 
brands they want to promote.” 
The brands include not only 
Glenflddich, which accounts for 
about a quarter of William 
Grant’s sales, but its blended 
whisky. Grant's (formerly 
called Grant’s Standfast). 

While • sales of blended 
whiskies— the standard Scotch 
—have fallen, by 5 per cent 
between 1977 and 1986, single 
malt whisky has steadily 
increased its sales over that 
period so that it now accounts 
for 5 per cent of global Scotch 
whisky exports by volume. 

The single malt market was 
virtually created by William 
Grant and Sons which, in the 
early 1960s, began a determined 
long term campaign to market 
Glenflddich; in common with 
other highland malts, Glen- 
fiddich had previously been 
thought too strong. in flavour 
and body for anyone outside 
the Highlands. - 

The campaign was so success- 
ful-first in lowland Scotland 


and England, and then in the 
rest of the world— that whereas 
in the late 1950s the Glen- 
fiddich distillery was delivering 
only about 500 cases of whisky 
a year, by last year it had 
passed the 500,000 mark. 

Glenfiddich can confidently 
claim to be the best-celling 
single malt in the world — in a 
market for which more than 100 
brands are in competition. 
According to the drinks maga- 
zine Impact International, Glen- 
fiddich is the best-selling single 
malt In the UK (with 45 per 
cent of the market), France 
(49 per cent). West Germany 
(44 percent) and is number two 
to The Glenlivet in. tile US 
(where its share is 22 per cent). 
But it has only 2 per cent of the 
world’s biggest single malt 
market— Italy— which Is domi- 
nated by Glen Grant 

Largely because of Glen 
Grant’s phenomenal success in 
Italy, Glenfiddlcb’s share of the 
total world market fos single 
malts has, according to Impact 


International, fallen from 89 : 
per cent in 1980 to 31.9 per cent 
in 1886. There was also a fall 
in its UK market share In 1985. 
though it recovered last year. 

The world market share 
statistic does not appear to 
worry David Grant unduly. He 
argues that In most countries 
Glenfiddich does not have 
major individual competitors 
in the single malt 
much of the rest of which, he 
points out, is fragmented be- 
tween a mass of small, 
specialised brands. Rather, he 
argues, Glenflddich is compet- 
ing against other premium 
whiskies — which may be de- 
luxe blends like Chivy Regal 
or Johnny Walker Black Label. 
“People buy Glenfiddich be- 
cause it tastes better which is 
because it is a single malt, he 
argues. “They don't buy it 
simply because it is a single 
malt.” 

Glenfiddich. he claims, is 
rapidly catching up with Ouvas 
Segal in major markets such 
■5 France, West Germany and 
the Far East 

However, the competition 
varies from market to market 
and the aim is to send retailers, 
distributors and salesmen away 
from Pittodrie determined to 
give more shelf spare and pro- 
motional effort to Glenfiddich 
and William Grant's compared 
with their perceived rivals In 
their own countries— whether 
these ar e other single malts, 
premium blends, or other 
drinks altogether. This means 
carefully tailoring the message 
to the individual audience. 

The salesmen coming to 
Pittodrie are the winners of an 
incentive competition operated 
last year; to them the message 
is a simple "get out and sell 
monk” 

The high point of the tour Is 
the visit to the distillery where 
William Grant and Sons has 
succeeded In imbue ing the rela- 
tively simple process methods of 
making whisky with something 
close to reverence for the meth- 
ods laid down by the founder. 
The stills are polished like the 
brass of a pre-war Cunard ship, 
the lawns are manicured to per- 
fection and where the company 
has had to decide between effi- 
ciency and tradition it has often 
chosen the latter. Production is 
controlled by brass taps, not by 
an electronic panel. “The 
emphasis is on tradition, crafts- 
manship and quality,” says 
David Grant 

These values should also im- 
press the 100,000 or more visi- 
tors who take the free tour of 
the distillery every year, each 
getting a free dram and usually 
pausing at the shop on the way 
out For, as David Grant says, 
“an American or a German 
can’t sit back in his chair and 

say ‘I saw this whisk**' K 

made’ unless he has a glass of 
it in his hand.” 











Financial Times Thursday May 14 1987 


THE ARTS 


13 


• Leeds City Art Gallery/William Packer 

The hard legacy of Jacob Epstein 


The major exhibition of the 
Sculpture and Drawings of 
Jacob Epstein, organised by the 
Henry Moore Centre for. the 
Study of Sculpture at Leeds City 
Art Gallery, -will come to the 
Whitechapel Gallery in London 
later in the summer {July S — 
September IS): But, with 

Epstein’s sometime protdgfi and 
later rival, Moore himself so 
splendidly celebrated in the 

open air at the Yorkshire Sculp- 
ture Park only a few miles away 
(until August 31), the chance 
to see the show at Leeds: (until 
June 21) and make comparison 
direct is too good to miss. 

The exhibition at buth venues 
has been sponsored by the 

Henry Moore Foundation, with 
the M idl an d Bank as co-sponsor 
in London. A particular fruit of 
this partnership is the magni- 
ficent catalogue— no m* re list 
but a Cull and definitive 
scholarly symposium. Fully 
illustrated and 290- pages long, 
it is available during the life 
of the exhibition at the extra- 
ordinary price of £8.00, a snip 
indeed. 

Epstein was born in New 
York in 1880 of Polish Jewish 
immigrant parents. He studied 
there, at the Arts Students’ 
League, from the age of 13. In 
1902 he left for Paris, and in 
190S he moved to London, 
which was his home for. the 
rest of his life. Indeed, he 
became a British citizen in 
1910, and by a nice coincidence 
it was Winston Churchill, who 
was later to sit to the distin- 
guished portrait sculptor, who 
ratified his papers. 

He was thus, by some 18 
years, of a significantly earlier 
generation of artists than Henry 
Moore, and an heroic generation 
at that Almost an exact con- 
temporary of Picasso, for 
example, who had migrated to 
Paris only a year or two before 
him, Epstein was not merely 
influenced by the modern move- 
ment in that astonishing early 
phase after the turn of the 
century hut was in position to 
take an active part in it. 

With Rodin as the presiding 
deity, the European peers of 
ce Manage Amdricam, as he 
was called when he first arrived, 
were, in sculpture alone, such 
artists as Bourdelle, Maillol, 
Laurens, Modigliani, Brancusi, 
Gaudier-Brzeska, Zadkine and 
Mestrovic. And there were, of 
course, the painters. 

Though the move to England 
at such a time might have 
seemed a perverse act of self- . 
isolation, the general ease of 
movement and the truly inter- 
national freemasonry among 
artists of those days made Pare 
it was nothing of the kind. 
Epstein in London, seems to 
have been something of a focus ■ 
aud a draw to his fellows, for 


Gaudier soon visited and later, 
settled in London and Mestro- 
vic was working in London by 
1914. Certainly be was at once 
a central figure within London's 
avant garde, bringing with him 
the experience and example of 
the Parisian forcing house. And 
it - was inevitable that, after 
Marinetti's flying visits in the 
early 1910s as the apostle of 
Futurism, be should join Wynd- 
ham Lewis in the Vortex. 

Epstein left Paris with 
Gauguin lately dead in the 
South Seas and Picasso scouring 
the MusSe de FHomme for 
primitive African and Oceanic 
carving. In London he made 
the British Museum his own, 
and soon began to collect the 
ancient, archaic and primitive 
art of all kinds that was to be 
a life-long obsession. His work 
naturally reflected such serious 
interests; it was immediately 
controversial. 

. Controversy dogged him 
throughout nls life. His first 
major public commission was 
for the large relief figures on 
Charles Holden’s British Medi- 
cal: Association Building In the 
Strand, which he completed in 
1908. Immediately, the National 
Vigilance Association com- 
plained of their indecency, and 
a general hue-and-cry went up 


in the papers. But architect 
and clients stood firm and the 
figures remained for the 
moment inviolate. It was only 
30 years later, when the build- 
ing was owned by the Govern- 
ment of Southern Rhodesia, 
that the great sequence of 
carvings was openly defaced 
under the pretext of making 
the building safe. 

The traces remain to this 
day, a visible monument to 
crass official philistinism and 
general indifference. The 
sculptural quality of the figures 
is evident in the photographic 
record, for they appear to have 
been as fine as anything he 
ever did. The suspicion is con- 
firmed in this exhibition by 
the one full-size plaster 
maquette that survives, lent by 
the . National Gallery of 
Victoria, for the figure of 
" Maternity.” 

It is a working model, un- 
prepossessing and rather cat 
.about; but it is strong and 
sure in . its modelling, tender 
and h uman e in its understand- 
ing, and very beautiful. 

In £954 Epstein accepted a 
knighthood, which Moore was 
never to . do. But he was never 
to be the establishment figure 
in the art world that the 
younger man already was. He 



was ever the outsider, and his 
Jewishness cannot have helped. 
In an the cartoons and satires 
on Mm and his work that pro- 
liferated through the ZflJJOs and 
1930s, it is less the general 
hostility to modern art than 
the open and personal anti-semi 
tism which seems now so shock- 
ing and depressing. 

Though their friendship had 
cooled considerably with his 
success, Moore was ever grate- 
ful to Epstein for his early and 
generous support, and was 
especially conscious of what the 
older man had suffered for the 
sake of art and the general 
good. “ He took the brickbats, 
he took the insults, he faced 
the howls of derision with 
which artists since Rembrandt 
have learned to become fami 
liar. And as far as sculpture in 
this century is concerned, he 
took them first . . . And 
believe that the sculptors ■ who 
followed Epstein in this coun- 
try would have been more in- 
sulted . . . had the popular 
fury not partially spent itself 
on him, and had not the folly 
of that fury been revealed.' 

Where Moore tuned to 
modelling only well into mid- 
career, Epstein began to carve 
while still in his 20s, and 
throughout hex career modelling 
and carring ran counterpoint. 

As a carver, Epstein was 
always the more formal and 
hieratic, lew in the round, his 
work best seen in a contained 
or directed situation, and per- 
haps ideally in relation to a 
building rather than the land 
scape so ideal for Moore. 

As a modeller, Epstein 
always stayed -dose to the 
figure, working the image 
directly * and naturalistically 
within the romantic expres- 
sionism devolved from Rodin. 
In the later work, his man- 
nerisms in the handling of 
day obtrude too much. 

But this exhibition makes it 
dear bow brilliant a modeller 
of the head and figure the 
younger Epstein was, and to 
what extent we have forgotten 
how the portrait bust may be 
modern and, at the same time, 
great art. 


Jacob Epstein's bronze M Girl from Senegal,” 1939 


LP will aid Save 
the Children Fund 

All the proceeds from the 
NatWest Jazz Band’s third 
album You Can Bank On U* 
(Just released) will be going 
to the Save the Children Fund. 

On this LP and cassette of 
dixieland jazz, Humphrey 
Lyttelton is guest trumpeter 
with the 10-strong band, which 
usually consists of full time or 
retired members of bank staff, 
but on this occasion, was aug- 
mented by a customer, weu 
known pianist and bandleader 
Keith Nichols. 


Bamaby and the Old Boys/Theatr Qwyd, Mold 


Martin Hoyle 


Douglas Heap's design pro- 
vides a visually thrilling open- 
ing to Keith Baxter’s new play 
at the Theatre Qwyd. the drama 
capital of north Wales. The 
steep, shining grid of horizontal 
metal bars- that slopes down- 
stage towards us fleetingly re- 
calls the celestial staircase of 
tiw old PoweH-Preesbttrger film, 
A Matter of Life and Death. 
As smiling Hywei (Phillip 
Joseph), in a 'pool of light; 
reminisces about the last Christ- 
mas gathering "In ' the family 
home and, it will emerge, his 
last on earth, the resemblance 
seems apposite. Wagner on the 
radio accompanied the crossing 
of the un-rainbowed Severn 
Bridge into the Valhalla of 
South Wales, as his friend 
Barnaby remarked. 

After years in Canada Hywel 
has returned to the converted 
railway carriages, extended 
into a borne by bis father in 
the Depression, that must be 


sold up now that Mam is dead. 
He brings his room-mate 
Barnaby to the family party. 
Barnaby is black, which causes 
a .mild frisson, and Hywel's 
lover, which leads to tragedy. 

The family includes grizzled 
Dafydd (Michael Craig), an 
old-style socialist MP ousted by 
his reselection committee after 
27. years; snobbish Robert, 
married Into new (English) 
money; and silly, sentimental 
Glyais, adorer of royalty and 
dissolver into tears at the least 
-provocation; and their respec- 
tive spouses. 

Best known as an actor, Mr 
Baxter has written a thoughtful 
and warm-hearted piece, some 
of which sounds as if it would 
make an absorbing, wryly nostal- 
gic novel. Not all the characters 
are hatched into fully-fledged 
life, but certain passages stand 
out: the almost documentary 
counts his escape from the 


criminal ghetto via an athletics 
scholarship; the scene where 
Glynis tearfully pours out the 
sexual barrenness of her mar- 
riage to her sisters-in-law; teen- 
age Sian’s recollection of the 
last dance in an old hall-cum- 
cinema scheduled for demoli- 
tion, plastic roses arranged 
round the scaffolding. All com- 
pelling and touching. 

As yet even Barbara Leigh- 
Hunt's ripely tolerant 
Angharad, Dafydd’s wife, ia 
stuck in stereotype. And the 
author improbably allocates to 
snooty Rowena, Robert's English 
catch, the lower middle-class 
term of disapproval, u common. 1 * 
The writing tends to underline 
too heavily (her sons are called 
Tarquin and Piers). Would 
even this icy, moneyed princess 
of the disdainful cocktail cir- 
cuit be quite so rude to all of 
the people all of the time? 

On the credit side, the 
motives, of course, confused 


Vic, the extrovert who turns 
poisonously and fatally against 
his boyhood friend, are left to 
our imagination — none of the 
expected cliche confessions of 
suppressed yearning. (Only 
Brian Croucher's Irredeemably 
cockney shot at north-country 
— give over, chuck.) And the 
initially dull Robert— conven- 
tional, proper, anglicised — 
becomes a rounded, complex 
character with his brisk concern 
and unsentimental affection for 
his young brother, shot through 
with dry self-mockery: all beau- 
tifully judged by Robert Blythe. 

Toby Robertson’s direction 
evokes uniformly fine playing. 
Jennifer Hilary’s rueful, cool 
beauty stylishly hints that sym- 
pathy is not quite extinct in 
Rowena; Deborah Norton's 
Glynis is movingly muted and 
Paul Dixon makes an outstand- 
ing professional debut as a 
tough, tender, sweet-nature d 
Bamaby. 


Titus Andronicus/Swan, Stratford-upon-Avon 


Michael Coveney 


Long after the Augustan 
Golden Age, Rome is a wilder- 
ness of tigers in Titus 
Androrncus and director 
Deborah Warner, making her 
R5C debut In the Swan at 
Stratfvd-upon-Avon, lets loose 
the revenging dogs of war in 
all their teeth -baring savagery 
on a bare boards setting with 
an upper tier. The RSG came 
a, terrible cropper with this 
piece, muck mutilate^ (like 
most of the characters in the 
play) in a double bill of 1981; 
in the Roman play sequence a 
decade earlier, Trevor Nunn 
appended this barbaric coda 
with Colin Blakely sketching 
out the King Lear he never 
gave. 

The new Titus, Brian Cox is 
an actor much in the Blakely 
mould but with his own 

especial brand of light mockery 
and playfulness. This is a 
marvellous role for him and he 
takes it In both hands, or at 
least one, after be has cut off 
the other. 

The evening is a success, Mr 
Cox striking a monumental 
picture of cadaverous grief 
while the horrors pile up around 
him. This, you recall. Is the 
play of which Max Bygraves 
once sang “You Need Hands.” 
Titus’s daughter Lavinia is 
raped and mutilated, her hands 
cut off. Then Dad cuts off his 
hand as part of a bargain that 
is never properly struck. 

The catalogue of murder and 
torture characterises a grue- 
some interregnum between two 
imperial installations. Titus, 
victor over the Goths, returns 
with Tamora, their Queen, and 
her sons stockaded in a ladder. 
The ingenuity of Ifiss Warner's 
vision, evidenced in her Poor 
Theatre productions of King 
Lear and Coriohmus for the 
company she founded. Kick 
Theatre, presses the same 
ladder into service as a cruci- 
form gallows for Aaron the 
Moor. 

The Swan is really all the 
ddcor you need, and Miss 
Warner’s enforced economy of 
staging theatre shows no sign 



yet of hardening into self- 
conscious style. In his second 
large scale performance of the 
season. Ur Cox has a field day 
as the war hero who turns 
plaintiff in his own land before 
feigning madness and playing 
the role of a sadistic revenger. 
Much of what makes Titus a 
going concern for audiences to- 
day is its underlying question 
of how best we express grief, 
and its challenge to our capa- 
city for horror. 

These are deep philosophical 
matters and I have never 
experienced them so well con- 
sidered as in this production. 
The play renews for us a sense 
of shame and horror at the 
infliction of rape and casual 
mutilation. A precedence for 
this close contact chamber of 
horrors was a 1978 Bristol 


Sonia Sifter and Brian Cox 

studio production by Adrian 
Noble, Simon Callow whooping 
it up in the lead. Mr Cox's 
assumption of madness is much 
more transparent, his occupa- 
tion of the Sweeney Todd role 
both carefully raapped-out and 
deeply sinister. When he 
breaks his own daughter's neck, 
as though she were a discarded 
dummy on a ventriloquist's 
knee, it is the merciful release 
of a young girl who has lived 
too long without feeling. The 
role is played with a terrifying 
numbness and not a little grace 
by Sonia Ritter, a fine young 
actress sensibly retrieved from 
the 198S RSC tour. 

I miss a whiff of Marlovian 
relish In Peter Polycarpou's 
Aaron. Verse-speaking standards 
of the main stage show alarm- 
ing signs of infiltrating the 
Swan. For instance, Donald 


Sumpter gives an otherwise 
touching and constant reading of 
the loyal brother, Marcus, but 
seems reluctant to articulate 
the verse and hit any kind of 
metrical rhythm. The return 
of Estelle Kohler to the com- 
pany after 14 years away is an 
especial treat. She can teach 
them a thing or two about 
attack, pace and vocal bite. She 
makes of Tamora a full-blooded 
plotter, sleeping her way to 
power with Jim Hooper's dozy 
Satununus and loving every 
minute. 

The whistling dwarfs out of 
Snow White are a mistake but 
Miss Warner redeems herself 
by using these full-size im- 
personators as a chorus and 
turning the spotlight on the 
audience for the extended 
obsequies and epilogues. 


The qualities that mark the 
identity of Ballet Rambert 
under the artistic direction of 
Richard Alston— an alert ear for 
new music; a quick eye for 
fresh, painterly design — were to 
be admired in the first pro- 
gramme of the company season 
which opened on Tuesday. So 
too, the spare choreographic 
outlines of tbe troupe’s dance 
identity. 

Four works were on view. Two 
— Ashley Fage's Carmen Area- 
dine and Alston's Zonsa — were 
repeated from last season. Two 
others — Alston's Dutiful Ducks 
and Siobhan Davies’ Rushes — 
are works revived from pre- 
vious incarnations. Dutiful 
Ducks was made as a solo for 


Ballet Rambert/Sadler’s Wells 

Clement Crisp 

Michael Clark In 1982, when it the quick cut of beaten steps 
capitalised upon the dancer's and pouncing jumps. I thought 


quick, elegant footwork and 
distinctive carriage as he beat 
and bounded to the accompani- 
ment of Charles Amirkhanian's 


it great fun, and featly done 
by its cast. 

Rushes is altogether more 
serfons. Created In 1982 for 


spoken text which gives the Second Stride, it finds Siobhan 


piece its title. 

Alston has re-worked the 
dance, retaining the original 


Davies responding to three con- 
cerns: the gradually developing 
complexity of Michael Fin- 
sissy's piano score, with its 


Clark solo which springs quite descending notes which begin 
naturally from the inconse- as a gentle shower and end in 
quentialltles of Amirkhanian's a deluge, and the double mean- 
words, and extending it by an ing of the title. We see three 
entry for three girls who couples, posing gently, moving 
embroider the original chore o- cleanly through movement that 
graphy round the male soloist, is worked and reconsidered, as 
Gary Lambert. It is a light- if the choreographer were view- 
hearted. brief, buoyant inter- ing filmed ‘rushes’ of their 
lude, marked everywhere by activity. 


Rushes is a fascinating piece, 
and it keeps eye and mind 
happily on the Qui-vive as the 
dance links and separates its 
cast, among whom Lucy 
Bethune and Michael Hodges 
seemed particularly deft. 

Zansa , with its contrasts of 
tough, muscular movement and 
sudden serene interludes, res- 
ponds very exactly to Nigel 
Osborne’s score and John Hoy- 
land’s fine design. Carmen 
Arcadiae looks, in the context 
of the rest of the repertory, 
like a dutiful essay, but it is 
driven along by Harrison Birt- 
wistle’s music, and the eye is 
refreshed by Jack Smith's 
colourful design. 


Cheltenham Music Festival 


The emphasis at the 4Srd 
Cheltenham International of 
Music, to run from July 4-19, 
will be on modern French 
music. There will be retrospec- 
tive programmes of the music, 
of Roussel and Ravel, who both 
died 50 years ago, and work by 
contemporary French composer, 
including the world premiere 
of a piano trio by Jean 
Frangaix. Alain Louvier will be 
one of two composers-in- 
residence. Six of his works will 
be British premieres, one a 
world premiere. 

The other composer-in- 
residence will be Judith Weir. 
The Kent Opera will give the 
world premiere of her opera a 
Night at the Chinese Opera. 
There will be an evening of 
Chinese music and dance the 
following day. 

First performances will in- 
clude works by JOhn Tavener, 
Stephen Dodgson, Kenneth 
Leighton, David Bedford and 


Richard Rodney Bennett The 
Hagen, Chilingirian, Lindsay 
Endellfon Quartets will play; 
Kyung-Wha Chung and Xue 
will give all the Bach un- 
accompanied violin sonatas; tbe 
Northern Ballet Theatre will 
dance Coppdlia, and Kent Opera 
will also give The Magic Flute. 

All-night TV for 
London approved 

Thames Television has re- 
ceived formal approval from 
the Independent Broadcasting 
Authority to transmit pro- 
grammes throughout the night 
The all-night service, in the 
Thames transmission area, will 
start on Monday June 1 and 
operate fox two months until 
4.00 am. The hours will be 
extended until 6.00 am from 
Monday, August 3 when pre- 
planned IBA transmission work 
is completed. 


Arts Guide 


Maale/Monctay. Open and Mteemxuday. Theatre/ 
Wednesday. ExhMtfaaa/ThufKtey. A selective guide to 
a8 the Arts appears each Friday. 


May 8-14 


Exhibitions 

LOUDON 

the Tda (Whq. Turner in the new 
Qore GaDszy. The Tomer Bequest 
which yiwqwwtw tD nearly 300 OU 
paintings. and unfinished, 

and a further 10,000 or aowaterezd- 
oura and drawing s, has been a 
source of controversy and dissen- 
sion ever since it c a me into tbe Da- 
tum's hands am than ISO years 
ago. Toner hadohreys wished for a 
gxflaty to Mmreff which would show 
all aspects of Ms work*. Whether be 
would have approved of Junes Stir- 
Hart extension to foe “****■ 
abj» setting is Vnioe question. The 
larger pamzinjp may be bung too 
low fix one who lived in* moreoe- 
ftntnftfrpw ate, and tbe tastetaluefc- 
meal Stxhag has deemed for the 
primteelgtlferla is a for ay Iran 
the rich ptam be is known to haw 
prefMTWL The vulgar two-deco of 
theentreaca Bttie to recom- 

mend it But eight rooms for print- 
ings and out for wrisratZoum give 
aaough, and with fi>e three re- 
servegallttiunpstrirAewerypalmi- 

Inghctfimfeefin-reatarafionoron 
loan is on the waD. ~ 

mu* . . 

French dr a w ings At the beginning of 
the 15th century Louis XT?* love of 
the grandiose gave wsy fo *n art 

rave jmhasta. . mom pV«iii|.' A 

new generation at artists around 
Anton* WtWrau introduced cotoor 
u weB » a 'tigkbees of touch inn 
their drawing* under the tnffaenc e 
of Venetian and flamUk masters. 
Mdsm du Louvre, FeviDoa de Here 
dosed Toe, Ends June L (4M9M26). 


Tredc, Tbe Geld of the Fhsnehe: Fart 
of e treasure from tbe 

tombs of the pharaohs of Lower 
Egypt is on view in the Grand Par 
bus. Gold, shrer and lapto-iazaH fun- 
erary masks, pectorals and ceremo- 
nial vases were discovered in the 
late 1930s in the delta of the Mle. in 
Tonis, the capital of a country torn 
by internal strife. Yet the relative 
erishment seems to have in- 
: the royal craftsmen with an 

_,_jce whom near- cl as si ca l re- 
straint appeals to modem sensibili- 
ty. Grand Palais, dosed Toe, Rods 
July 5410). 

Ccstnme^outnme. Where better to 
at age an exhibition on dotbes and 

their sociological dgnificanre than 

.In Paris, whose very name is 
synonymous with fashion! The im- 
aginatively presented exhibition 
ranges from tbe breeches and tunics 
■of ancient Gauls to the rare exhibits 
from the 18th century - fa Habit 
Francois - and » Edith Plafs legen- 
dary little black dress. Grand Palais 

(Closed Toe, Wed late dosing) ads 
June 15 (4289 5410). 

Bertha Morisot; Mora than 40 oils, 
pastels, watercolours, crayons and 
sculptures retrace the development 
of the woman painter who, influ- 
enced at first by Corot, became a 
friend of the impressionists and 
took part in their first exhibition. 


man, 2. rue Mfromraril (£2855195), 
Opened afi days except Sundays 
■m iuacfal2zii& June 27, 

wesrosuiMiY 

BnmLStidta«±reKU]StsiH3eum,RBt> 

hanegasse T: A retrospective by Au- 
gust Macke (1887-1914). Bom In 
Mtechedc. Macke stated In Dnsael- 


t&af and Berlin under Loris Co- 
riwtii- He did w™* of his work in 
Boon, and was responsible for a 
new art form Bhehrische Exprev- 
skmlstan, before the First world 
War. His journey in the spring of 
1814, with Paul Klee and Louis Mal- 
let, tn Tunis became a landmark in 
art history. In the same year he was 
sent to the front in France, were be 
died, aged 27, in action in Cham- 
pagne, Ends May. 

ITALY 

Voflfae: Palazzo Grasse The Arcimbd- 
do a «*n4mwi ■m* stimulating 
exMMtloa centred on the neglectaS 
18th century Milanese mannerist 
painter, Giuseppe Ardmholdo. 
Much appreciated in Ms own fife- 
Hum fer his o t r M w fiwiw y compo- 
site portraits, in which the features 
of the sitter would be composed iff 
ibe took of hk hade. - Pots, pans 
and vegetables for the cook (which 
turned upside-down beco m es mere- 
ly a stilt-life) or books for the librar- 
ian. - Arctmbddo spent moet of Us 
working life outside ftefy, in the ser- 
vice <£ three Hapsborg emperors. 
Included is Ms arresting portrait of 
Rudolf H os tbe Etruscan god Ver- 
tunno, mode up of fruit, vegetables 
and ears of corn. The exhibition ooor 

tains works by ArcimboMo's prede- 
cessors, such as Leonardo, Durer 
and Bosch, as wall as those of artists 
a ctive I n tbe early years of the 20th 

de Chirico, Man 

Kay and Duchamp). Ends May JL 

Mi!—, Palazzo delta Triemalw Imag- 
inary Cities, A Journey Through Ita- 
ly and Mae Projects tor Nine Cities. 
An exhibition in two sections. Him 
groups of young architects, Italian 

fwd foreign, iwniiTt| fa <> the history 


and development of titles as diverse 
es Rome. Naples and Turin. In the 
annual, they imaginative sug- 
gestions to solve overcrowding, ur- 
ban decoy and uncontrolled develop- 
ment Ear from being futuristic, 
atone of the projects hark lack to 
the original city plans, in the case at 
Borne, suggesting a re-division of 
the cify into seven distinct centres, 
bared on the ancient Roman dty 
plan. Ends May 17. 

NEVHSUANM 

Amsterdam. Van Gogh UosetmLi 
Thirty by wwin of the 

lendin g t Wnrh Realist* and Impre s. 
statists on loon from New York's 
Metropolitan Museum. BriwwiiHg 
from Delacroix to Gauguin, with a 
''[fa- 


vourite artists, there are 
by Mflle*, Corot and Manet, a O- 

wmne i tHI Tr/e Mnne fiVt r ^lrwirfaj 

and supremely self-assured Young 
man in the Costume iff a Mojo, md 
Pissarro’s evocative Boulevard 
Montmartre. Bwdn May 3L 

Rotterdam, Prins Hendrik Maritime 
Museum. Cmtred around two faugh 
decorative wall maps, The World Ac- 
enrdiwg V» W— n eremlnec the hiUrw 

iy of the famous 17th- century fami- 
ly u! cartographic publishers, whose 
superb, detailed charts were based 
on the infomatioD from 

ships' journals wed mmbm return- 
ing hem voyages to the Republic's 
farthing trotting outposts. Ends 
May 2$. 

SPAM 

Madrid, twrrUt Aubry. American 
loons. Photographs by young artist 
ia Ms many tr a ve ls . Achno, Son 
Bernardo 107. Ends June 5. 


Madrid, Centro de Arte Bdu Sofia, 
Santa Isabel 52. Ramnbflder: 5 Ger- 
man sculptors in Bndc June 

22. Also: American Dreams. 118 pho- 
tographs by 35 photographers from 
1880. Ends July fl. 

Madrid, a Franck Auerbach retrospec- 
tive. 40 ai] pointings by the German 
artist who moved to the UK in 1939 
and is an of Hiw figurative 

expressionism tradition. This show, 
spo n sored by British Council, was 
recently seen in Hamburg and Es- 
sen. Centro de Arte Reins Sofia, 
Santa Isabel 52. Ends Jun L 

Baieefamn, Auguste Rodin. 80 bronze 
figures and 40 watercolours an loan 
by Mnsfe Rodin. Catalogue shows 
artists’ faifltiwiwv* on Catalunya's art 
schools and the Noucenttane. 
Museo de Arte Modemo, Panjue de 
In t!wda MiiU mw. 

WASMNQTON 

Hinfahonu SO paintings from the 
permanent collection trace the use 
of bridges as symbols of modernity 
and foe past in weeks by Thomas 
PteMiw, Window Homer, R ap h ael 
Soyer and Louis Lozowick among 
others. Ends May 24. 

MEW YORK 

Cooper- Hewitt More era: The d esi gn 
wing of the Smithsonian housed in 
Andrew Carnegie's Fifth Avenue 
mansion, features a special sbowon 
folding fans. Organized by textile 
conservator, Lucy Commoner, the 
fans reflected the fashions of the 
♦ imx during their heyday from the 
I7tixtoeariy20fheeMnzlBs l u(lein- 
onrtrstedfotim 80 pieces of various 

shapes and des ig n s. Ends May 3L 
(Slat ft 5th Ave). 


Mleeroprifom Museum: 46 key Impres- 
sionist and Post-Impressionist 
works from the CoortauJd Collection 
tour America, including works by 
Mana t, Reooir, Seurat W»H 
C an g i rfu VnHa June 21. 

CHICAGO 

Art fiat ltate: The 1985 Grand Palais 
exhibit of Lartigue's 1920s photo- 
graphs shows the evocative panora- 
mas nvt nmm»ilt« (HI the 

streets of Paris between the wars. 

- Ends June 28. 

TOKYO 

Pud flugnfn (1848-1003): In Search of 
Paradise. This large exhibition com- 
prising 151 oils, woodcuts, sketches 
and some sculpture reflects Japan's 
love-affair with European Impres- 
sionism ggd Pfwt-i mpr esnomsai 
The first style of Western art en- 
countered by the Japanese when 
the country opened up to the West 
in foe late 19th century has re- 
mained favourite. Works in tills ex- 
Mbttion faWiwto those from Gau- 
guin's earliest period, showing 
much Affinity to the style of his con- 
temporary «wt close friend. Van 
Gogh, and Ms mature Tahiti period 

of bright colours and bold patterns. 

Note foe dramatic contrast between 
Two Nudes on a Tahitian Beach 
with the earlier Batters at Dieppe. 
There is much evidence of Van 
Gogh's oriental influence National 
Museum of Modem Art, Tnkebashj. 
near Otemochi business centre and 
Imperial Palace Moat TakebasM 
^tfrHp n, Kitano morn Park exit Re- 
freshments on 4th floor. Rn gifeh la- 
bels; detailed catalogue 

available. Ends May 17. Closed Mon. 


Perlemuter/Wigmore Hall 

Max Loppert 


On Tuesday, at the second of 
his two Ravel recitals. Vlado 
Perlemuter played as his main 
offerings Vaises nobles et senti- 
mentales and, after the interval, 
Gaspard de la nuit. It wes with 
these two works that Mlchel- 
angeli reached the peak of an 
unforgettable London recital 
not long ago; it seemed 
impossible to contemplate 
hearing them again, and so soon 
afterwards, with any patience. 

But Perlemuter not only 
made it possible; he made the 

works indelibly his own, as he 
has every time he has played 
Ravel in London in recent 
memory. It hardly needs saying 
that the technique of the 
senior pianist — 83 later this 
month — has not the resilience of 
the brilliance of Michelangeli's; 
that was never the point of his 
performance. In the New Grove 
Perlemuter entry, William 
Clock writes of his u conception 
of — music that is very grand 
and simple, and neither fasti- 
dious nor showy." 

No better summary descrip- 
tion of last night’s Vatees could 
be imagined: in it there was 
displayed a supreme confidence 
about matters of style, nuance. 


rhythmic movement, and tone 
colour arising from a total 
absorption in the music itself, 
and a command of the keyboard 
grown out of a perpetually 
fresh and uncomplicated (yet 
at the same time highly subtle) 
sense of Ravel’s keyboard 
world. 

There were passing inac- 
curacies. They were un troub- 
ling— Perlemuter admirers have 
long learned to take them in 
their stride. The short pieces 
that had begun the concert — 
the Menuet antique, then the 
Pavane for a dead Infanta — bad 
been rather more flustered and 
unsettled. But at the start of 
the second half the group that 
included a translucently limpid 
Jesix d'eau produced more 
vintage Perlemuter; and Gas- 
pard itself was a kind of 
miracle. Again, it was not note- 
perfect; but it was shot through 
with wonderfully simple, sur- 
prising beams of light, unhur- 
ried, direct-speaking percep- • 
tions, and at the same time a 
feeling of excitement all the 
more binding for being so 
patiently built up. No pianist 
before tbe public better 
deserves or justifies the epithet 
" aristocratic.” 


Saleroom/ Antony Thomcroft 

Favourite Munnings 


An ldylic English summer 
afternoon captured by Sir 
Alfred Mannings in 1910, and 
showing a lad beneath same 
trees with a group of horses, 
sold for £156,200 at Sotheby’s 
yesterday in an auction of 
modem British paintings. The 
price was just above tbe top 
estimate. 

M anning s, in bis auto- 
biography, considered this to be 
his favourite picture. The horses 
were his own, and the scene is 
based on a spot near Hoxne in 
Norfolk. All told the 222 paint- 
ings, drawings and sculpture in 
the sale brought in £2,501,070, 
a record for this sector at 
Sotheby's. Just over 13 per cent 
were unsold. 

Many new artist records were 
established, most notably the 
£96.800 naid by the London 
dealer Kirkman for a view of 
the facade of St Mark's in 
Venice by Walter Sickert. An- 
other dealer paying a record 
price was Whitford and Hughes, 
who secured "A country win- 
dow” by the New Zealand artist 


Frances Hodgkins for £68.200. 
Painted around 1930 it has a 
still life, of fruit and flowers, 
to the fore and a landscape 
beyond. 

Another popular artist, at 
least with a certain kind of col- 
lector, Sir William Russell Flint 
also set a new record, a bid of 
£28,600 securing a watercolour 
of a lightly clad model inspect- 
ing drawings of her predecessor. 
Other records were the £28,600 
paid for "Fishermen in a boat,” 
by Prunella Clough; the £17,600 
for a still life of flowers by 
Cecil Kennedy; and the £18,700 
for “Llanthony Abbey," a 1941 
view of the Welsh ruin by John 
Piper. A portrait of the writer 
Lord David Cecil by Henry 
Lamb, captured in 1935, was 
also a record, making £24,200. 

Modern British pictures are a 
particularly strong market at 
the moment, stimulated by the 
improvement of the British 
economy, and a growing aware- 
ness of the talent of home 
grown artists in the past hun- 
dred years. 








14 



FINANCIALI1MES 

BRACKS HOUSE, CANNON STREET; LONDON EC4P4BY 
Telegrams; Rnantimo. London PS4.TeJex: 895W1 
TeteDhOne: 01-2438000 


Thursday May 14 1987 


Why growth 
has slowed . 


THIS WEEK’S OECD minister- 
ial meeting in Paris has been 
a mixture of the familiar nd 
the not-so-familiar. Hr James 
Baker, the US Treasury Secre- 
tary, launched yet another 
strongly-worded attack on 
macroeconomic austerity in 
Japan and West Germany, 
warning once again that the 
US can no longer provide a 
powerful stimulus through 
growing trade and budget de- 
ficits. 

Mr Jean-Claude Paye, the 
OECD secretary-general, on the 
other hand, while agreeing that 
world economic prospects are 
dismal, seemed relatively unin- 
terested in questions of macro- 
economic demand management. 
Bather than unveiling new 
OECD thinking on fiscal, mone- 
tary or exchange rate policy, 
he released a study. Structural 
Adjustment and Economic Per- 
formance, that focuses on pos- 
sible microeconomic causes of 
slow growth and high unem- 
ployment in the 1980s. 

The Paye report starts by 
polling to an obvious paradox 
Economic circumstances appear 
to favour strong growth: in- 
flation is low; energy and raw 
materials are relatively cheap; 
and “ far-reaching structural 
change in industry has rendered 
many firms more efficient" Yet 
growth in the industrialised 
world remains sluggish and 
falls "well short” of earlier 
expectations. Why? 

Crucial role 

The search for an answer 
takes the Paye report, the cul- 
mination of a two-year study 
by an OECD taskforce, back to 
tiie origins of the post-war 
world economic recovery. Why 
did OECD economies grow two- 
and-a-half times as rapidly be- 
tween 1950 and 1973 as in the 
four preceding decades and 
roughly twice as fast as in the 
years from the first Opec oil 
shock to today? 

According to the OECD, the 
liberalisation of markets played 
a crucial role. Trade barriers, 
which had proliferated in the 
1920s and 1930s, were progres- 
sively dismantled. In Europe 
and Japan, the web of industrial 
cartels that governments had 
helped establish in the inter- 
war years were broken up. Con- 
trols on direct foreign invest- 
ment were lifted, making pos- 
sible the transfer of techno- 


logy from the US to its more 
backward rivals. In many coun- 
tries (but not Britain), indus- 
trial relations were improved 
through the rationalisation of 
unions and pay bargaining 
systems. 

Seen through the lens of 
the Paye report, the fall from 
economic grace that began in 
the 1970s reflected a gradual 
shift away from reliance on 
market forces. Rapidly-expand- 
ing public sectors subsidised in- 
dustries (and agriculture in 
particular— see below), and 
established generous social ser- 
vices. Incentives were reduced 
by heavy taxes and high bene- 
fit entitlements. Industrial mili- 
tancy led to excessive pay 
awards and the compression of 
differentials. Companies and 
their workforces are increas- 
ingly circumscribed by a laby- 
rinth of red-tape. Trade liberali- 
sation faltered and non-tariff 
barriers multiplied. 

Half the story 

The Paye report is not fully 
convincing as an explanation of 
changing economic fortunes in 
the post-war period. The em- 
phasis on the importance of 
liberalisation as a motor of 
growth in the "Golden Era” 
seems excessive. The expansion 
of international trade was cer- 
tainly important but beyond 
that, very little attention was 
paid to free market nostrums. 
Exchange rates were fixed, the 
movement of international capi- 
tal was tightly controlled, finan- 
cial markets were heavily re- 
gulated, and many countries 
relied on controls on pay, 
prices and dividends. A good 
deal of emphasis was placed on 
co-operation as well as com- 
petition. 

The moral from this is not 
that deregulation is a bad thing 
—In most circumstances it will 
raise efficiency — but that it is 
only half the economic story. 
Macroeconomic policy is just as 
Important It was ineffectual in 
the 1930s when the inter- 
national monetary system disin- 
tegrated, and unless the macro- 
economic climate is Improved 
today, the potential benefits of 
liberalisation in the past few 
years are unlikely to be real- 
ised. Mr Paye is right to worry 
about structural: factors; "but 
Mr Baker is also justified in 
calling for less cautious demand 
management outside the US. 


. . . while subsidies 
hurt farmers 


ONE SECTOR in which the 
OECD has made an overwhelm- 
ing case for structural reform 
is farming. The baroque edifice 
of subsidies in the major coun- 
tries is a monument to political 
opportunism and economic 
myopia. It has also become 
partially self-defeating and, in 
important respects, morally 
repugnant. If It is not dis- 
mantled, there is a danger that 
it will crash under the weight of 
its own inconsistencies. 

Its effect is to increase the 
incomes of fanners in the 
richest countries at the 
expense of the poor in Africa 
and elsewhere. Moreover, price 
support mechanisms, which 
account for 70 per cent of farm 
support in the developed world, 
give tiie largest subsidies to 
farmers with the largest output. 
These tend to be the richest 
and most efficient 

Price supports artificially 
raise the cost of living to 
consumers in the richer coun- 
tries, and result in over- 
production. Unnecessary stocks 
are stored at great expense 
for a while, and nhen unloaded 
on to what remains of the world 
market outside the barbed 
wire of tariffs and restrictions. 

These surpluses depress the 
price available to Third World 
agricultural producers, while 
tariffs fences deprive them of 
the Income needed either to 
develop their own agriculture 
or to buy the surpluses in 
store. Where the surpluses are 

distributed in the form of aid, 
they complete the vicious circle 
by further depressing domestic 
prices available to Third World 
farmers. 

Powerful arguments 

Efforts by some member 
countries to" suppress parts of 
the report before its publication 
testify to its value as a mirror 
which many politicians would 
prefer not to look into. It also 
includes some blunt warnings 
that things cannot go on as they 
are, and so raises potentially 
embarrassing questions as to 
what ministers are going to do 
about them. 

The OECD’s report shows that 
farm support carries economic 
penalties which the 24 OECD 
countries can ill afford while 
unemployment remains high 
and a much colder wind is 
blowing across the prospects 
for sustained growth. Farm sup- 
port, which provides 60 per cent 
of farmers' incomes in Japan 
apd more than 40 per cent in 


the EC, now makes a sizeable 
contribution to budget deficits. 
Unnecessarily high prices force 
consumers to pay for surpluses 
that they do not want and can- 
not use, and pre-empt national 
resources which could be used 
to increase employment else- 
where. 

Price support 

Even if voters and consumers 
were happy to keep subsidising 
the farm sector for social or 
environmental reasons, the pre- 
sent tangle of support schemes 
is not the most effective method. 
This is because price support 
gives relatively little help to 
the smaller farmers who are 
generally regarded as helping 
the environment and most sup- 
port to intensive fanning which 
often contribute least to the 
rural scene. 

However perhaps the most 
powerful argument for action 
is that present trends cannot 
be sustained without danger to 
the world’s trading system and 
economic development gener- 
ally. The improvements in farm- 
ing techniques, such as those 
which enabled UK grain yields 
to double in the last 20 years, 
are becoming more generally 

used. Demand from the Soviet 
Union and the Arab oil pro- 
ducers will diminish. Saudi 
Arabia is now a net exporter 
of grain, and grows large quan- 
tities of tomatoes in the desert 
The world market is already 
too small to take the over-pro- 
duction of industrial nations. 

All the indications are that 
this will become worse not bet- 
ter, with ever stronger incen- 
tives for countries to conclude 
barter deals or mare directly 
undermine open markets in 
game of competitive obstruc- 
tion which no-one can win. Ulti- 
mately, as the OECD points 
out, the whole edifice could col- 
lapse burying a large number 
of farms under the rubble. It is 
therefore of the greatest im- 
portance that the world's finan- 
cial and trade should stand 
back from their squabbles to 
survey the big picture, and then 
agree a steady gradual pro- 
gramme for dismantling the 
subsidies. This could start with 
a general 10 per cent in all 
subsidies which the OECD has 
shown would be feasible and 
not too hard for f&mers to bear. 

The problem has been obvious 
for years. The OECD report 
makes it dear that solutions can 
no longer be postponed. 


I F WESTERN governments 
have not exactly been burst- 
ing with activity over the 
problems of the Middle East in 
recent months, it cannot have 
escaped their notice who has. 

Quietly, with the US absorbed 
In the domestic repercussions 
of Irangate and its Nato allies 
wracked with confusion over 
arms control, the Soviet Union 
has been building new alliances 
in the Gulf and bidding for in- 
fluence in the Arab-Zsraeli dis- 
pute. 

More than at any time since 
it lost Its key regional ally, 
Egypt, to America in 1973, 
Moscow under Mikhail Gorba- 
chev is being seen as a key 
{flayer in the region’s conflicts. 
The significance is that this 
time its role is being hailed by 
many in the Middle East as a 
potentially constructive one. 

The higher Soviet profile in 
the region conforms with Mr 
Gorbachev's more active and 
imaginative foreign policy in 
other areas. 

"The Soviets have definitely 
been scoring points in the last 
few months. Gorbachev has seen 
an opportunity and he’s exploit- 
ing it.” says one Western diplo- 
mat dealing with the Middle 
East. Soviet moves since the 
beginning of the year have 
included: 

• In January, Moscow sought 
to curry favour with the Org- 
anisation of Petroleum Export- 
ing Countries by receiving Mr 
Hi sham Nazer, the new Saudi 
Oil Minister— the highest-level 
Saudi visit to Moscow — and 
agreeing to make a token cut in 
crude oil exports in solidarity 
with O pec’s price support 
efforts. 

• In late March, the Soviet 
Union agreed to reschedule 
Egypt's estimated $3bn 
(£1.8bn) military debt on gen- 
erous terms as an earnest of 
improving relations between the 
two countries. Hie deal stands 
in marked contrast with the cur- 
rent deadlock over Cairo’s much 
larger military debt to the US. 
• A month ago, the Soviets 
were rewarded for their patient 
efforts to reconcile the squab- 
bling factions of the Palestine 
Liberation Organisation. The 
process, completed during the 
Palestine National Council's 
meeting in Algiers last month, 
saw Mr Yasslr Arafat, a friend 
of Moscow, emerge triumphant 
at the head of a reunited FLO. 
• The Soviet Union has also 
been lobbying hard in recent 
weeks for its idea of an inter- 
national conference on the 
Arab-Israeli dispute. There 
have been intensive contacts 
with Israel and suggestions 
that the pace of Jewish emi- 
gration from the Soviet Union 
might be allowed to quicken. 
The aim is to encourage the 
resumption of diplomatic rela- 
tions between the two coun- 
tries, broken off by Moscow 20 
years ago, and to ensure Israeli 
acquiescence in a Soviet seat 
at the conference table. 

The sort of conference which 
Moscow envisages— a full-scale, 
binding multilateral negotiation . 
— is quite different from tfaaft 
currently under discussion be- 
tween Israel and the US, which 
would serve merely as a prelude 
to direct negotiations between 
Israel and its neighbours. It is 
not clear whether rtfibte Soviets 
would be prepared to accept 
this more limited role. 

During meetings in Moscow 
at the end of April, Mr 
Gorbachev is also understood 
to have pleaded the cause of 
moderation with President 
Hafez al-Assad of Syria— now 
the principal Soviet ally in the 
region and a key participant in 
any international conference. 
In return for Mr Assad's agree- 


Mr Gorbachev has made new 
friends i n the Middle East 
with suprising ease. 
Andrew Gowers reports 



In from 
the cold 


ment in principle to take part 
and not to obstruct Palestinian 
reconciliation, Moscow is be- 
lieved to have offered substan- 
tial new economic and military 
aid, and to have rescheduled 
Syria’s estimated $15bn debt. 
Along with Saudi Arabia, the 
Soviets have also been instru- 
mental in bringing Mr Assad 
together with his hitter foe. 
President Saddam Hussein of 
Iraq. 

• Perhaps most important of 
all have been recent Soviet 
moves in the Gulf. Last month, 
following a series of ~Irahian 
attacks on ships going to and 
from Kuwait, Moscow agreed to 
charter three tankers to the 
Gulf state, with the Implicit 
assurance of Soviet naval pro- 
tection. 

Both Kuwait and the Kremlin 
have been keen to play down 
the political significance of the 
deal, which they describe as a 
technical, commercial matter. 
But for a while it made the 
Americans — battling with 
bureaucracy to come up with 
their own arrangement for 
registering up to 11 Kuwaiti 
ships under the US flag — look 
extremely clumsy. It has also 


given the Russians a legitimate 
presence in the Gulf— something 
they have been seeking for 
years. 

Soon after the agreement, Hr 
Vladimir Petrovsky, the Soviet 
Deputy Foreign Minister, 
visited Kuwait, the United Arab 
Emirates and Oman, and offered 
numerous Ideas for guarantee- 
ing the safety of Gulf shipping, 
including another international 
conference. 

It was the highest-level Soviet 
visit to the UAE and Oman 
in memory end would have been, 
inconceivable until recently. 
The two countries only estab- 
lished diplomatic relations with 
Moscow in 1985. The Soviet 
ambassador to the Emirates says 
Mr Petrovsky was received with 
“more than traditional polite- 
ness." 

As ever, the big prize for 
Moscow is diplomatic relations 
with Saudi Arabia. Many Wes- 
tern observers now believe a 
Soviet mission in Riyadh is 
only a matter of time, though 
perhaps not whole the fiercely 
anti -Communist King Fahd is on 
the Saudi throne. 

It is natural that a more 
active Soviet foreign policy 


should focus on the Middle 
East The Soviet Union has a 
1,000-mile common border with 
Iraq; it contains one of the 
world’s largest Moslem commu- 
nities, with about 50m people 
in Soviet Central Asia poten- 
tially susceptible to radical reli- 
gious trends elsewhere in. the 
Islamic world; and it shares 
with the countries of the region 
an overriding interest in on. 
exports of which to the West 
account for some 60 per cent 
of Soviet hard currency earn- 
ings. 

But even the Russians must 
he surprised at the ease with 
which they have been able to 
enhance their prestige in the 
past few months. This stems 
in part from perceptions in the 
region that the Reagan Admini- 
stration’s commitment to achiev- 
ing a comprehensive settlement 
of the Arab-Israel dispute 
remains lukewarm, despite 
recent US diplomacy between 
Israel and Jordan. 

The growth of anti-US senti- 
ment has made Arab govern- 
ments more aware than ever of 
the need to be seen to hedge 
their position between the 
superpowers. 

Just as interesting is the 
apparent equanimity with 
which the West, and in par- 
ticular the US, has greeted the 
Soviet diplomatic drive. Ameri- 
can officials describe It as a 
restoration of the status quo 
and acknowledge freely that 
the Soviet Union has a legiti- 
mate role to play In the Middle 
East. They say the situation 
was unnatural in the 1970s 
when the Kremlin’s only entrees 
to the region were through 
radical states like Libya, Syria 
and South Yemen. 

There are several reasons for 
this. First, the focus of the 
superpower debate has lately 
been elsewhere — principally in 
Europe — and the US and the 
Soviet Union clearly do not 
want unpredictable flare-ups in 
the Middle East to prejudice 
the evolution of their broader 
political relations. Second, 
there is a recognition that the 
Soviets are going out of their 
way to avoid being portrayed as 
spoilers of efforts to resolve the 
region's problems. Third there 
is the fact that Washington and 
Moscow have found themselves 
on the same side in the Iran- 
Iraq war. 

The Soviet Union is Iraq’s 
biggest ally and has supplied 
the regime of President 
Saddam Hussein with billions 
of dollars worth of sophisti- 
cated weapons. In recent weeks, 
Moscow has been showing an 
even more obvious tilt towards 
Baghdad, while the US has 
made it clear that it will con- 
tinue to provide the Iraqis with 
intelligence information. 

This carious alignment 
reflects a broader perception 
which the superpowers have 
come to share about the Middle 
East, stemming from the 1979 
Iranian revolution. This is that 
a loss by one side does not 
necessarily translate. Into a gain 
by tbe“otiferr Whetf the Shah 
fell, the US lost its most im- 
portant regional ally. But 
Tehran’s Islamic rulers direct 
their rhetoric against the 
Soviet Union almost as much as 
against the “Great Satan "in 
Washington. 

Arab states have themselves 
been forced in recent years to 
put on a greater show of being 
genuinely non-aligned. That 
means neither superpower is 
harbouring any illusions about 
the extent to which it can turn 
events in the region to its cwn 
long-term advantage. 

Additional reporting fty Angela 
Dixon In Dubai. 







m 


mm 

V 



Accountabilities 

By Patricia Pay and Rudolf Klein 

Ta vistock Publications; £25 

We are told about the 
Athenians, who demanded that 
officials account for themselves 
10 time a year before their 
assembly of citizens: an unsuc- 
cessful general might be sen- 
tenced to death. We are 
reminded of common fiscal 
accountability, which of course 

everyone understands, and 

accountability for efficiency 

(that is, doing what has been 
agreed, as economically as pos- 
sible). as well as accountability 
for effectiveness, which is mak- 
ing sure that the intended re- 
sult has been achieved. 

Armed with such definitions 
the authors have studied ac- 
countability in the National 
Health Service, the police, the 
water authorities, ana local edu- 
cation and social services 
committees. They interpret in- 
terviews of 114 members of 
these different authorities, with 
the net effect that it is not too 
much to say that a central con- 
undrum of democracy in the 
modern service state is how to 
operate it efficiently, and effec- 
tively. 

The non-elected authorities in 
charge of the NBS may be res- 
ponsible, in the end. to an elec- 
ted minister, but they cannot 
tell doctors or nurses what to 
do. Before the Thatcher era of 
performance indicators, and 
management by objectives, 
members of such authorities 
judged their effectiveness by 
how much they could spend, not 
by how much they achieved. 
Police authorities are bam- 
boozled by the mystery of 
police work; teachers will not 
let education authority members 
near their classrooms. Only the 
water authorities, who can 
measure what gurgles down 
their pipes, seem to feel 
properly accountable, and in 
charge. 

The familiar whine — that 
calls for value for money are 
in reality miserly attempts to 
cut costs and reduce services— 
persists, to the detriment of 
the Government’s efforts to 
introduce managerial account- 
ability into its services. At the 
local level this conflicts with 
political accountability. This is 
nationally to the voters but all 
too often to a party (Labour) 
or, because of the power of a 
trade union or professional 
organisation, to nobody at alL 
Just being elected is not 
enough; there must also be 
control. 

it is both the strength and 
the weakness of this book that 
it does not provide a full-scale 
prescription. A chapter entitled 
How to Introduce Account- 
, utumvwu* W wmiwura m me ■WUtJ Everywhere would be 
t private < relatively easy .to digest; the 

appears to be that the 
modern state is so complicated 
that solutionc Jiave to be tailor- 
made for each different circum- 
stance. 

The authors hope for a “ new 
dialogue" designed to repair 
the linkages between different 
forms of accountability — 

managerial, political, technical, 
and so on — and they hanker 
towards small-scale local ser- 
vices, in which the Athenian 
face-to-face method could he 
revived. But they are analysts, 
not polemicists. 


0 «JE SIMPLE law could 
ransform modem society, 
urge you to vote, for 
anyone who undertakes to pro- 
mote It. The law would run. In 
its entirety: 

A name and address must be 
attached to everything that is 
done. 

Just imagine! Solicitors could 
no longer send out threatening 
letters signed by a clerk's 
meaningless, squiggle. Building 
Societies could no longer write 
to customers and sign the 
society’s' name. The prevarica- 
tor who failed to make the 
appointment to mend your 
washing machine would be un- 
masked; the lout who came to 
do it would not be an unfind- 
able “service engineer” but a 
real person with a name and 
address. Health Service patients 
would not be attended by 
"nurse" or “doctor” or some 
equally patronising generic 
abstraction, but by an Individual 
whom they could later thank or 
sue. 

Best of all, thousands of civil 
servants would have the black 
veil of the department's name 
torn away from them; there 
would be nothing behind which 
to hide. Contemporary life 
would suddenly become pos- 
sible. 

J. s. Mill understood this: 
“as a general rule,” he wrote, 
“ every executive function, 
whether superior or subor- 
dinate, should be the appointed 
duty of some given individuaL 
It should be apparent to all 
the world who did everything 
and through whose default any- 
thing was left undone.” And 
then comes the clincher: 
a Responsibility is nuU 
when nobody knows who is 
responsible." 

This Is perhaps the most 
striking quotation in a thorough 
little book which sets out to 
explore the degree to which 
public servants in Britain can 
be held accountable for their 
actions. The evidence challenges 
pot raly ministers and civil 
servants, but doctors, nurses, 
local education committees and 
many others. Although the 
behaviour of companies in the 


there is no reason why the 
doctrine of proper account- 
ability should not be applied to 
them— unless you really believe 
the market alone is enough. 

But. what is accountability 7 
It is one of those vogue words 
that can get in the way of 
straight (thinking, which is why 
Patricia Day and Rudolf Klein 
have taken such immense 
trouble to distil the literature 
and get their definitions right 
(so much trouble, in fact, that 
this volume should have a 
steady sale as set reading in 
courses an government politics, 
administration and, with luck, 
business). 


Joe Rogaly 


Our man 
for Pretoria 

It seems entirely appropriate 
that our new man in Pretoria 
is an expert on sanctions. Robin 
Renwick, who takes over from 
Sir Patrick Moberly in July, 
was a leading member of the 
Foreign Office group which 
drew up the strategy that led 
to Rhodesia’s transition to the 
independent state of Zimbabwe. 

Renwick, 49, who was head 
of Rhodesia department at the 
FCO, acted as political adviser 
to Lord Soames, Rhodesia's last 
governor, and together with Sir 
Antony Duff, now Mrs 
Thatcher’s head of security ser- 
vices, helped dissuade Ian 
Smith’s army commander from 
mounting a pre-independence 
election coup. 

The 49-year -old Renwick, 
whose Foreign Office pedigree 
includes Dakar, Delhi, Paris, 
Washington and his present job 
as assistant under secretary of 

state, European Community, 
drew on his Rhodesia experi- 
ence to write a book on sanc- 
tions while on sabbatical at 
Harvard in 1980. 

His conclusions are sceptical. 
“To abandon altogether the 
idea of recourse to sanctions in 
response to acta of aggression 
or other flagrant violations of 
international law or human 
rights would be to reduce the 
the choice of response to one 
between military action and 
acquiescence— an unattractive 
choice at the best of times 

he writes. 

He goes on: “they may have 
some deterrent effect, though 
they are not likely to do so if 
the regime believes its survival 
in any event to he at stake. 
Once applied they may, if 
sufficiently effective, weaken 
the target regime; but they will 
not necessarily change its 
behaviour .... exaggerated 
expectations should not be 
entertained as to the likely 
economic effects, or the time 
scale on which these may be 
felt; still less as to the prob- 
able political results." Doubt- 
less Mrs Thatcher concurs. 

Renwick, married to a 
Frenchwoman, is as much a 
European a san African buffi 


Men and Matters 


and Is a committed supporter 
of the European Community. 
He was a prominent member 
of Mrs Thatcher's negotiating 
tea mwhich finally extracted a 
substantial budget rebate for 
Britain under the Fontaine- 
bleau agreement of 1984. 


Teasers 

David Steel was in bouncy form 
yesterday at what he described 
as his last engagement be/ore 
the election campaign — a 
speech at Chatham House on 
“ Britain as a European power.” 

Before la cinching into his pre- 
pared speech (which contained, 
according to a Foreign Office 
official present, “nothing that 
Sir Geoffrey would disagree 
with"), he said he hoped the 
campaign would be good- 
humoured and that politicians 
would not forget the "weapon 
of the tease.” 

He then proceeded to offer 
examples of the latter. On Denis 
Healey’s Moscow gaffe: "It must 
be the first time in history that 
the Labour party has written Its 
own Zinoviev Letter. Either 
that or Denis Is so unused to 
finding support anywhere that 
it turned his head.” 

On the Tory defence white 
paper: “ I found my own name 
in the Index and those of all 
the Conservative cabinet The 
only name you won’t find in 
there anywhere is Michael 
Hesei tine's. He's been written 
right out of history in the best 
Soviet style." 


Self service 

The best brains in the BBC 
have ‘long pondered on the 
problem of how to tell the 
millions of licence payers about 
its activities. The annual report 
and handbook— price £8, print 
run 12,000— reached only a 
fraction of its audience; and 
the press has been a bit 
unfriendly in recent years. 
The answer, the BBC has now 



"That joke you told Denis 
Healey hasn’t travelled too 
well” 


decided, is . . a television 
programme. 

The programme will be 
broadcast on BBC 1 as the BBC’s 
annual report to its “share- 
holders ” — the viewers. A 
formal report will still be sub- 
mitted to Parliament, however. 

The BBC hierarchy is so 
taken with the idea of com- 
municating directly through the 
magic of television that the 
programme may even occupy 
some li -2 hours of prime time 
some evening in January. 

BBC director general Michael 
Checkland, who will appear in 
tiie marathon programme with 
his chairman, Marmaduke 
Hussey, said yesterday ir would 
reflect the highs and lows of 
the broadcasting year. 

“We also need to explain 
how our income of nearly 
fl.OOOm a year is spent” 
Checkland added. 

The acid test of whether the 
BBC can make an honest pro- 
gramme about itself will surely 


be how it explains the abrupt 
departure of former director 
general, AJasdair Milne “for 
personal reasons" during the 
year. 

The programme should at 
least give s ome temporary 
respite to the 1TV schedulers 
who have been taking a fearful 
battering fro mthe BBC in the 
ratings for the past few months. 


Rintoul’s return 

Peter Rintoul appears to have 
wooed and won Leda Invest- 
ment Trust with intentions 
more honourable than those of 
the swan. 

If Leda shareholders aprove 
restructuring proposals an- 
nounced yesterday, he will have 
succeeede in reviving Graham 
Rintoul as a fund management 
business 14 years after the 
original family firm disap- 
peared into Gartmore Invest- 
ment 

Rintoul has been planning 
his comeback . since 1985, when 
he resigned from the Gartmore 
board, where he had been In 
charge of investment tr u st s , in 
the wake of a wider dash over 
management styles. 

The original Grahams Rintoul 
Hay Bell, known as "Hell's 
bell " on its Glasgow turf, had 
moved Into investment manage- 
ment from its accountancy 
antecedents two generations 
ago. Rintoul, aged. 41, rpeated 
the pattern in his own career. 

When Gartmore took over the 
old firm, Rintoul salvaged the 
brass plate from Its London 
office (at the cost of irre pair- 
able damage to a pair of 
trousers). It lies now in the 
hall of his home, awaiting its 
return to the City- , 


Now you see It... 

Rebutting a Labour charge that 
the Government had “ fiddled ” 
the unemployment figures on 18 
separate occasions, Ian Lang, 
Scottish Under Secretary, told 
the Commons yesterday “ There 
have been only six discernible 
changes.” 


Observer 


A CONFLICT 
OF INTERESTS? 

Try telling him that He's probably never heard of a 
pension fund manager; but he knows that someone looks 
after his monthly contributions. If he had to suffer because 
his interests hadrft been fully protected he 
just mightfind it hard to understand 

Geoffrey Morleyare independent, not 
for independence sake, and not because 
we wish to adopta higier moral 
tone than our computers We are 
independent because we believe 
ft allows us to make better invest- 
ment decisions^ and thereby 
achieve higher performance. 

ft keeps us free to buy or sell 
whenever we consider it right It lets 
us seek out whatever information 
we want and from wherever it is to 
be found It means we underwrite 
only when we genuinely wantto 
back a company V\fe are indepen - 
dently owned and dedicated solely] 
to managing pension funds; so 
you may also find it reassuring to 
knowthat the fees we earn are our 
only income. 

Fbrforther information contact 

Brian Shearing on 01 - 242 144 L v 

Remember us nexttime you hear 
someone explainingthe role of their 
compliance officer; it could be in 
your best interest* 

Geoffrey AAoriey 

^-Partners Limited 



IT* 


THE INDEPENDENT PENSION FIM) MANAGERS 

16 SOUTHAMPTON PLACE LONDON WC1A 2AJ 


l 










Financial Times Thursday May 14 1987 


15 


THE PROBLEMS of strong 
international demand for 
sterling are problems which 
most governments would prefer 
to have rattier than those aria* 
ing from currency weakness 
and a crisis of confidence. But 
they remain problems none the 
less. 

Faced with rising demand 
for sterling, there are three 
policy responses open to the 
Treasury and Bank of En gla n d: 

1 They can allow sterling hi 
rise. 

2 They can intervene In the 
foreign exchange markets 
and accumulate reserves. 

3 They can cut interest rates 
until the demand for 
sterling falls off. 

We have, of course, been 
here before. This was daring 
the sharp rise in sterling in the 
late 1270s. This started in 1077. 
when confidence recovered 
after the Labour Government’s 
accord with the International 
Monetary Fund. The upswing 
went into a second phase 
during 187930, when the 
second oil price explosion coin- 
cided with the advent of the 
Thatcher Government and the 
coming on stream of North Sea 
oil- 

The Labour Chancellor, Denis 
Healey, at first resisted the rise 

in sterling, on the advice of 
the Treasury, with a mixture of 
options two and three — lower 
Interest rates Good intervention. 
As a result official foreign 
exchange reserves rose by$17bn 
in less than a year and the 
Minimum Lending Bate fell by 
10 percentage points to as low 
as 5 per cent 

Eventually in autumn of 
1977 Mr Healey switched from 
Treasury to Bank advice and 
decided to uncap sterling. This 
was mainly because intervention 
to hold down the pound led to 
a rapid acceleration In the 
money suuply for which targets 
had just been established. 

Governments can try to 
sterilise the monetary effects 
of intervention by seeing securi- 
ties. But in practice this proves 
very difficult although the 
reasons are in some dispute. 
Selling gilts tends to depress 
their prices and raise their 
yields compared with what they 
otherwise would be, thus 
making sterling assets all the 
more attractive to overseas 
holders. Several international 
studies have suggested that 
intervention has to be partially 
unsterilised if it is to hold the 
currency at the desired level. 

Whether for these reasons or 
for more proasic market man- 
agement ones, gilt-edged ana- 
lysts beKeve that debt sales fell 
short of government borrowing 
in April. Sterling MS Is al- 
ready 19 per cent up on a year 
ago and the increase could be 
higher still when the April 
figures are announced next 
week. 

The Government's policy on 
this occasion is as in the early 
Healey period a mixture of 
options two and three: that is 


Economic Viewpoint 

Sterling 
matters 
more than 
money 

SEE By Samuel Brittan 


interest rate cuts and the accu- 
mulation of foreign exchange 
reserves. Actual intervention 
in the foreign exchange market 
has been much larger than the 
published rise of $2£7bn in 
the reserves in March and April. 

The two alternatives to the 
present course would be to let 
sterling soar as in the late 
1970s, ie following option one, 
alone, or to reduce short-term 
interest rates to whatever ex- 
tent necessary to choke off 
overseas demand for sterling, 
ie following option three alone. 

Leaving sterling hi go 
through the roof would be 
pretty counterproductive, con- 
sidering that the achievement 
of a real gro wt h rate above that 
of other countries is mainly doe 
to last year’s successful sterling 
devaluation. A soaring pound 
might help to achieve near-zero 
inflation, but at a great price in 
recession. 

The Thatcher Government did 
of course follow option one and 
let sterling soar In its first two 
years of office; and nearly all 
the serious argument about its 
degree of responsibility for the 
unemployment explosion goes 
back to those years — reminding 
one of the way that historians 
still argue about the effects of 
Churchill’s return to gold at tire 
pre-First World War parity in 


There is little doubt that the 
combination of the overvalued 
pound and the pay explosion 
following the collapse of 
Labour’s pay policies did preci- 
pitate the rise in unemploy- 
ment, tile blitz on overmanning, 
the productivity tumround and 
the subsequent fall in inflation. 
In other words the roots of 
most of what is both good and 
had in the Government’s econo- 
mic record go back to these 
two early, controversial yean. 


Apart from changing eco- 
nomic fashions* there Is one 
crucial difference between 
1979-80 and the present. In 
1980 inflation tow to nearly 20 
per cent and there were strong 
arguments tor giving priority to 
puncturing inflationary expecta- 
tions so that policy could be 
free to concentrate on other 
matters. The policy adopted 
then is not one which one 
would with hindsight recom- 
mend, hot there was a case to 
be made tor it at the Uma. 

Wlth underlying inflation sow 
at 44} per cent, the argument 
tor risking a downturn and con- 
tributing to world recessionary 
pressures to reduce inflation 
further is very much weaker; 
and the argument for preserv- 
ing a stable pound in the 
foreign exchange markets 
accordingly stronger. 

The rise in sterling in the 
late 1970s was mostly against 
the dollar. But a much better 
guide at present is the move- 
ment of sterling against the 
D-Mark. 

Those analysts who say that 
fee 1986 improvement in com- 
petitiveness has already been 
eroded are either thinking in 
terms of the dollar, or they 
have forgotten that towards the 
end of last year sterling fell to 
the bottom end of its un- 
announced range against the 
D-Mark and the atmosphere of 
crisis that the fall engendered; 
indeed the l per cent increase 
in base rates in October to 
stabilise sterling was widely de- 
nounced as inadequate by many 
GHy voices who declared Tt 
should have been 2 per cent 

All that has happened up to 
now is that the earlier and 
potentially Inflationary weak- 
ness of sterling has been 
reversed. But the critics are 



right to say that if sterling goes 
much above DM 3 it will have 
burst right through the Chan- 
cellor’s range, and competitive- 
ness would be endangered. 

Given that there are limits to 
sensible intervention, should the 
Treasury go further with option 
three and reduce base rates to 
whatever proves necessary to 
keep sterling within its in- 
tended range? 

My short answer is “Yes," 
subject to certain conditions. 
Base rates should probably not 
go down by more than about * 
per cent to say 8} per cent, until 
this unnecessary election is out 
of the way. For if will be diffi- 
cult to reverse any cuts, should 
the markets he affected by a bad 
April trade figure or should 
the opinion polls wobble more 
than expected. But what the 
Chancellor should do is to ex- 
plain on television that interest 
rates— like share quotations— 
are prices, which like all prices, 
can move in either direction. 
And this principle should 
govern the actions of any 
government that takes office on 
jane 12. 

But the more likely event 
for the time being is of sterling 
being subject to more upward 
pressure and interest rates 
being controversially low rather 
than high. It would be surpris- 
Ing— although not impossible— 
if short-term interest rates 
went as low as 5 per cent con- 
sidering that world real 
Interest rates are now substan- 
tially positive, whereas they 
were negative a decade ago. 
Nevertheless they might have 
to go at least temporarily to 
well below 8 per cent 

The bullish forces for ster- 
ling are, of course, no longer 
oil nor even the Thatcher 
factor. They are much more a 
realisation that sterling assets 
are still a good bargain inter- 
nationally. There is no longer 


such an obvious need for a risk 
premium on sterling assets. 
Yet UK short-term real interest 
rates are still about 2 percent- 
age points above the inter- 
national average. Long-term 
rates are also slightly higher. 
Price earnings ratios in the 
London Stock Exchange are 
said to be comparatively low; 
and real estate in London and 
the south east Is all too 
obviously attractive to inter- 
national purchasers. 

Although intervention tends 
tc boost the money supply, so 
too, if a little more slowly, do 
cuts In short-term interest 
rates. The latter would pro- 
bably also boost the Treasury’s 
favourite monetary indicator, 
MO. 

But, as Gavyn Davies of Gold- 
man Sachs remarks, the sterling 
link with the D-Mark “is the 
ultimate inflation backstop.” 
Any easing of monetary policy 
“which does not threaten the 
exchange rate target does not, 
by implication, threaten the in- 
flation target either." 

Anticipating the money sup- 
ply critics, Mr Davies remarks: 
“ It is ludicrous to demand that 
the Chancellor should follow an 
exchange rate target with one 
breath, and then with the next 
complain that monetary policy 
is being ’eased’ in order to 
keep his target intact Provided 
ttie exchange rate target is kept 
intact, then any easing in 
domestic monetary policy is un- 
likely to have undesirable con- 
notations for inflation.” 

It was in fact never very 
sensible to have unqualified 
monetary targets for a highly 
open economy, unless they were 
subjected to an exchange rate 
override. So long as sterling 
remains very Arm against non- 
inflationary currencies such as 
the D-Mark and is expected to 
remain so, a lid will be put on 


all costs and prices subject to 
international competition. 

Even so, it would be wise to 
find ways of offsetting an other- 
wise unwanted monetary stimu- 
lus; and the obvious way to do 
so is by tight ening , not mone- 
tary, but fiscal policy beyond 
that implicit in the Chancellor's 
target borrowing requirement 
of 1 per cent of gross national 
product, or 2 per cent without 
privatisation. The most painless 
way of doing so would of 
course occur if tax receipts rise 
faster than expected and are 
used to reduce the public sec- 
tor borrowing requirement But 
if this is not enough, the next 
government will have to con- 
sider either a cash squeeze on 
public spending or postponing 
the tax cuts pencilled in for 
next year. 

The main manage- 

ment case for a fiscal tightening 
would be pre-emptive; to offset 
the further interest rate cuts 
which are likely to occur. A 
fiscal tightening would also 
make sense in structural terms. 
For it would lead to an im- 
proved current balance of pay- 
ments; or to put it in a more 
illuminating way: the UK would 
be accumulating further over- 
seas assets to offset the lia- 
bilities arising from overseas 
investment in this country. 

No purely macro policies can 
however deal with the one 
sector of the economy that does 
already show signs of advanced 
overheating: the housing and 
property market, especially in 
the south-east This, as John 
MueUbauer has pointed out, is 
the most likely source of an 
acceleration of pay increases 
which would terminate the up- 
turn. A sensible government 
would seek specific policies to 
dampen down soaring housing 
and land values instead of 
imposing a blanket slowdown on 
the whole economy. 


Lombard 


Strangled with 
a green belt 

By Anthony Harris 


MR NICHOLAS RIDLEY has 
managed to go out with a thud. 

Almost his last official act as 
Environment Secretary before 
the dissolution was to reject a 
plan to turn Hum airport at 
Bournemouth into a high-tech 
industrial park. This is perhaps 
the only occasion on which an 
airport has been protected on 
environmental grounds. 

Here Mr Ridley, protector of 
the green belt; appears in his 
possibly truer guise as protector 
of the vested interest; it was, 
perhaps, toe threat of an out- 
of-town shopping centre which 
aroused local opposition, more 
than the threat to the peace 
of a third-rank airfield. The 
belt itself remains toe Inviolable 
frontier of the Thatcher revolu- 
tion; and it could prove tbe 
constriction which finally 
strangles it. 

The Idea of a green belt was 
bora in the gardenreity-minded 
days of the 1940s. Its purpose 
was stated to be mainly to 
preserve access to the country- 
side for dwellers in big cities, 
but in this respect it has been 
a very limited success; much of 
the belt is heavily enclosed, and 
is simply something you have to 
drive across to get to the real 
country on the far side. 

Its more important objective 
was to force development into 
new centres, and to prevent 
Ribbon Development, to adopt 
the horrified capital letters of 
pre-war aesthetes. It was sup- 
ported by the creaky apparatus 
of Industrial Development Cer- 
tificates. which forced success- 
ful businesses to become uncom- 
petitive by spreading their 
activities to remote and incon- 
venient places. IDCs vanished 
long ago; but the belt, and the 
misuse of environmental pro- 
tection to protect individual 
access to the countryside, per- 
sists. 

What amounts to a Preven- 
tion of Development Act 
should have no place in a free 
economy. It is an offence to 
tiie unemployed, who cannot 
move to where the work is; and 
it places Britain, already rather 
unfavourably sited in toe Euro- 
pean market, at a further dis- 
advantage to countries such as 
France, which are willing to 
stimulate and guide develop- 
ment rather than to throttle it- 

What is more, tt is not even 
good planning. A green belt 


looks good on a map, just as 
high-rise development looks 
good on a table-top model. On 
the ground, on the other hand, 

the US style of ribbon develop- 
ment, with bouses strung along 
secondary roads, allows whole- 
generations of children to grow 
up with genuine access to open 
country, which runs right up to 
their back fence. 

Even in cities, it Is not a belt 
outside the city which helps 
most citizens, but stretches of 
valley and parkland reaching 
near the centre. I was lucky 
enough to spend tbe first decade 
of my adult life in Cambridge, 

and then in Oxford. In both 
those cities (admittedly small 
ones) you can start a country 
walk within five minutes from 
almost any point. 

Finally, the idea is hopelessly 
out of date. It was conceived 
before there were motorways, 
when the railways were still 
the main carriers of freight, 
and indeed when factories 
were smoky and industrial 
products bulky and massive. 
In the modern world a motor- 
way is the natural spine along 
which activity develops, as 
every estate agent knows. To 
frustrate this pattern is exactly 
the wrong way to cling to 
Victorian values. 

If Mr Bidley, or his succes- 
sor, wants to show a bit of 
French flair, and some concern 
for toe recreation of ordinary 
town dwellers, he should set 
to work on a new Town and 
Country Planning Act, based 
on an up-to-date notion of 
environmental values and en- 
vironmental threats. 

He should spend a day or 
two north of Newcastle, tbe 
one, flawed attempt to develop 
a really modern linear city in 
Britain; and he should make 
funds available to complete the 
Lee Valley linear park, which 
will bring something like 
country right to the fringes of 
the Dockland boom area, and 
plan to clear further such 
green fingers. 

I for one will be combing 
toe party manifestoes for any 
sign of thinking along these 
lines, but with little or any 
hope. As Man cur Olsen has 
observed, a decadent state is 
one in which vested interests 
have acquired blocking rights. 
The Mottled Green party has 
yet to emerge. 


A ra 
trust 


I lull 1 1 


From P rofesor N. Sbnmonds. 

Sir, — Barry Riley in his 
interesting arttde on unit trusts 
(May 9) refers to the seven-fold 
increase of capital In 10 years 
by toe average unit trust He 
also remaria that tbe all-share 
index rose eight-fold in the 
same decade but said that that 
was “ another story." 

Is it? It sounds as though 
Investors would have done 
better, on average.' by buying a 
random equity share sample, 
thus avoiding both the expense 
and apparent incompetence of 
unit trust management Is 
there (or has there been) a 
“random trust" big enough 
accurately to sample the equity 
market? If so, how did it do? 
If not, why not? 

Allowing for sampling effects 
(“errors"), has any trust 
demonstrably done better than 
average? 

(Professor) Norman Simmonds, 
9 McLaren Road, 

Edinburgh. 

UK risks from 
Chernobyl 

From Mr D. Webster 
Sir,— Dr Clark of toe National 
Radiological Protection Board 
(May 9) may have misled those 
readers who have not studied 
the NRFB Chernobyl report for 
themselves. He comments that 
restrictions placed on foodstuffs 
elsewhere in Europe . “ inevit- 
ably “ appear to have been more 
effective than action in the UK 
In reducing radiation doses to 
the most exposed groups, 
because deposition of radio- 
activity was higher. This is not 
the case. 

In Holland, for example, tbe 
NRFB estimates that tbe 
highest thyroid doses would 
have been almost the same as 
those in the UK (in fact slightly 
lower) if neither country had 
token any countermeasures. In 
the event tbe Dutch cut thei r 
maximum doses by -half, while 
those in Britain were reduced 
by only 8 per cent. This was 
purely ' because the Dutch 
authorities took 'more vigorous 
action. 

Dr Clark sees fit to pour, scorn 
on my insistence on looking at 
the highest doses received by 
some children, rather than at 
the general UK average. In 
doing so he departs from the 
principles of the International 
Commission on Radiological 
Protection, which makes It clear 
that In an accident the primary 
requirement Is to limit doses to 
the most exposed Individuate, 
and that doses should always be 
kept as low as rettonawy 
achievable. Does toe NRFB 
consider that the action taken 
in Holland, was unreasonable? 

It would seem particularly 
difficult to argue that more 
should not have been done here, 
because of the extreme sim- 


Letters to the Editor 


plldty of some of toe available 
measures. For Instance, as Dr 
Clark shows even to have 
advised the parents of children 
living on farms in the high 
deposition areas that they 
aboald drink milk only from 
pooled supplies would have cut 
some children’s doses substan- 
tially, and cost nothing; Yet 
they, along with everybody else, 
were told only that there was 
“ no health risk." 

David Webster. 

38, Crompton Avenue, 

Cathcart, Glasgow. 

Lobbying in 
the EC 

From Alteon Ranchman and 
Janice Makaritm 
Sir,— Your article on lobbying 
the EC (May S) gave only a 
partial picture.. _ 

The Community is sot only of 
Interest to big business, and the 
rale of the EC lobbyist extends 
far beyond helping big com- 
panies influence proposed EC 
legislation. 

The Community also offers a 
range of assistance in the form 
of funds, loans; contracts and 
business opportunities to com- 
panies (especially small ones), 
universities, research establish- 
ments, local government bodies 
and interest groups— and it is 
in this area that many EC con- 
sultants provide valuable infor- 
mation and advice. 

By acting as an interface 
between the Community institu- 
tions and the world at large, toe 
EC consultant fulfils a need 
which many EC officials are only 
too willing to admit they can- 
not meet— -publicising and pro- 
moting the opportunities offered 
by an expanding European Com- 
munity. 

Alison Ranchman end 
Janice 

60 Avenue de Cortenberp, 

1040 Brussels. 

Small change 
required 

From Marie Bmmattd 
Sir, — Those men and women 
who were not resident in UK 
when the national health 
scheme came into being In July 
2948 and who, when they even- 
tually became UK residents 
within, say, five years after that 
date, received on retirement (as 
do all other latecomers) only a 
proportion of toe standard basic . 
rate of pension— all Increases 
bring treated in like proportion. 
What started out as a deficit, on 
average, of approximately £1 Bs 
per week has now Increased to 


a deficit of over £10 per week. 

Mrs Thatcher was approached 
some time ago and asked to 
oonsider toe case of those on 
reduced pensions who are now 
75 years of age and who are 
fin ding it increasingly difficult 
to meet their financial commit- 
ments in the light of the pre- 
sent economic climate, by allow- 
ing such individuals a larger 
proportion of the standard basic 
rate. 

The only reaction to such 
an appeal has been to point this 
category of pensioners to 
toe Supplementary Benefit 
door. But there are a number 
who for obvious reasons do not 
qualify for this benefit but who 
are nevertheless very hard-up 
Mari e Bonnaud. 

2, Southlands. 

40, Queens Rd, 

W eybrldge, Surrey. 

Young firms and 

unemployment 
From Dr D. Storey and 
Mr S. Johnson 

Sir,— Nicholas Stacey (May 
8) appears not to have read 
beyond the headline of your 
report “Small companies not 
the answer to unemployment" 
(April 30). If he had dona so, 
he may have noted that our 
report suggests that small firms 
are iwaiHfitg * an increasing con- 
tribution to job creation and 
have an important role to play 
in the economy. Nowhere is it 
suggested that large firms repre- 
sent toe solution to toe unem- 
ployment problem. 

The key lesson which we have 
learned from a combined total 
of 12 years' research into small 
firms, during which we have 
Interview well over 1,000 small 
companies in toe UK and 
examined all toe available statis- 
tics and studies in the UK, US 
and Europe, is that the employ- 
ment performance of both large 
and small firms is so diverse 
that generalisations are dan- 
gerously misleading. The 
responsibility for toe creation 
(and destruction) of toe vast 
majority of Jobs in toe economy 
lies with a tiny minority of 
firms, both small and large. Any 
government which wishes to 
influence toe rate of job crea- 
tion in the small firm sector 
should concentrate its atten- 
tions upon identifying and 
a ssisting those few just grow- 
ing firms, rather than trying to 
maximise toe number of new 


firms, a large proportion erf 
whom,- as- Mr Stacey rightly 
points out; win fail within « 
very short time. 


The so-called “ emerging 
enterprise culture ” which is so 
highly praised by Mr Stacey is 
in reality toe product of toe 
recent world recession and toe 
lack of competitiveness of UK 
industry overseas which resulted 
in the level of. unemployment 
rising by almost 2m between 
1979 and 1983. Study after study 
has shown that only a small pro- 
portion of new firm founders 
start their firms with intention 
of making large profits. In con- 
trast as many as B0 per cent 
set up in business due to 
unemployment or fear of redun- 
dancy. The trend of new firm 
formation and self employment 
between 1979 and 1988 follows 
al most exactly toe trend in 
unemployment over those same 
years. 

We have considerable sym- 
pathy for toe plight of toe small 
business owner, particularly In 
today’s harsh economic climate. 
Most however, simply want to 
be left in peace to a 

modest living, 

(Dr) David Storey, 

Steven Johnson. 

Centre for Urban and 
Regional Studies, 

The Un i versity f 
Newcastle upon Tyne. 

Bangers in 
travel 

From Dr A. Landjf. 

Sir,— I read (May 9) with 
interest toe article by David 
Sawers (“Happier landings") 
and noted the associated 
statistics, particularly the 
that “the risk of being killed 
... on a British airline is ... i 
less than half that of being 
killed when travelling on Bri- 
, tish RaiL" When, as here, the , 
measurement of safety is toe , 
ratio of deaths per passenger- 1 
mile, toe statement is un- 1 
doubtedly true, but it presents ! 
us with the problem that it is 

connter-totuftive; most people 
would class flying as a 
dangerous way to travel, cer- 
tainly much more so than going 
by train. 

A muCh more appropriate 
measurement of safety would 
be the ratio of deaths per pas- 
senger-journey. By far the most 
dangerous periods In a flight 
are those of take-off and land- 
ing— both of which occur just 
once per flight, no matter bow 
long it Is. I would suggest that 
toe popular assessment of 
transport risk depends on the 
perceived chance of completing 
a journey without mishap. We 
feel safer in cars, because we 
almost always arrive safely. 
Accidents Involving cars and 
trains are rarely fatal, whereas 
an aeroplane crash usually 
kills all toe passengers. 

If risk were calculated as 
deaths per passenger-journey, 
flight would be seen as toe 
dangerous form of public 
transport that it Is. 

(Dr) Aron Land?. 

8, Bolne Chase, N2, 




Unlike any other company we concentrate on fax. 
That means the best sales support and back-up In the 
business. Add a world beating new range of fax machines 
and you have a recipe for success that cant be Ignored. 

Today, no matter what size your organisation, 
we're better equipped to give you justwhatyou need. 
Remember, to most companies fax is just another 
product -to us it’s our reputation! 


Name 


Company 

Address 

Telephone Fax FT14/B/87 

Cruydcn Road, Beckenham. Kent BR34AA. Telephone 01-6504888 Facstnffe (G3/G2J 01-653 3979 Teiex 27796 


MUtRHEAD OFFICE SYSTEMS LIWETED 


“Amarnberaftho RHP Group 






16 


i 

\ 


The closer you look at 
Property Management 
the more you see..* 

01-236 4040 St Quin! i n 


FINANCIAL TIMES 


0 


Thursday May 14 1987 



Soviets put Chirac on the defensive 


THE SOVIETS have had few 
chances, so far. to exploit the divi- 
sions within the French Adminis- 
tration that have resulted from "co- 
habitation." But the insistent Soviet 
attacks on Mr Jacques Chirac's 
Government in recent weeks, com- 
ing on the eve of his visit to Moscow 
today, are a sign that they can drive 
a wedge into the A dminis tration 
over the sensitive issue of disarma- 
ment 

President Francois Mitterand 
and the conservative Government 
of Mr Chirac are sharply divided on 
how to respond to Mr Mikhail Gorb- 
achev's "double zero option” for 
removing looger-range (LRINF) 
and shorter-range nuclear forces 
{SRINF) in Europe. 

Mr Chirac and his ministers now 
accept that an LRINF accord will go 
ahead, notwithstanding their initial 
worries. But they remain deeply 
hostile to an agreement on shorter- 
range weapons (between 500 and 
1000km). 

They fear that an SRINF accord 
which removes aQ shorter-range 
missiles would generate pressure 
for a roU-b&ck of the other remain- 
ing tactical nuclear weapons in Eu- 
rope - thus threatening the French 
land-based Platon and Hades tacti- 
cal systems, further weakening the 
US commitment to the defence of 
Europe and advancing the Soviet 
goal of a nuclear-free Europe. 

President Mitterrand's view is 
closer to that of Mr Hans-Dietrich 
Genscher, the West German For- 
eign Minister, and that of the US. 
He believes that European public 
opinion would not understand Euro- 
pean governments blocking disarm- 
ament proposals in which the So- 
viets, on the face of it, were conced- 
ing more than the West 

He think s that in military and Al- 
liance terms the "double-zero op- 
tion" would not be damaging to the 
West - leaving the balance at 
roughly what it was in the mid- 
1970s. 

After forcing the Government to 
modify its position on Mr Gorba- 
chev's proposals for longer-range 
weapons (Pershing n land-based 



David Housego 
reports on 
divisions within 
the French 
Government 
over the issue 
of disarmament 



Mr Jacques Chirac: hostile to 
short-range aecord 


Mr Francois Mitterrand: no form 

Of ilkar iwa rngiif excluded 


cruise and Soviet SS20s and SS4s) 
in March, Mr Mitterrand on Mon- 
day hinted publicly in a speech in 
West Berlin that be was not averse 
to an agreement on shorter-range 
weapons, as welL 

The full magnitude of these divi- 
sions could be camouflaged if Mr 
Helmut Kohl, the West German 
Chancellor, succeeds in defining a 
West German position that be- 
comes a rallying point for other 
governments in Europe. 

Mr Chirac's hope is that this win 
be achieved on the basis of propos- 
als for an equal but above zero 
SRINF agreement that would in- 
clude maintaining West Germany’s 
72 Pershing 1 A missiles - together 
with a provision for their moderni- 
sation. 

But it is precisely to prevent a Eu- 
ropean position crystallising 
around such a proposal that the 
Russians have been keeping up the 
pressure against Mr Chirac as "the 
head of an offensive against disar- 
mament in Europe.” He could thus 
find himself walking on a bed of bot 
coals during his three-day visit to 
Moscow which begins today. 

Behind the controversy over the 
European response to Mr Gorba- 
chev’s proposals thee are the 
bones of a far more fundamental 
shift in Fr ench defence policy. 

The first is that French nervous- 


ness over "denuclearisation" and 
"decoupling" is pushing France to 
explore new avenues of nuclear co- 
operation with Britain as the only 
other European nuclear power. 

The second is that the perceived 
prospect of US troop withdrawals 
from Europe in the wake of a nu- 
clear weapons accord has opened 
up the possibility of French troops 
replacing them in the front line - 
thus dramatically changing 
France’s relationship with the inte- 
grated military command of die 
North Atlantic Treaty Or ganisatio n 

The differences in approach to 
arms negotiations between Presi- 
dent Mitterrand and Mr Chirac’s 
Government first emerged in 
March when the Govenment, in an 
official statement, warned that a 
“zero option" agreement could leave 
the Soviets with superiority in oth- 
er forces. 

Mr Andre Girand, the Defence 
Minister, condemned it as "another 
Munich" and took the view that if 
the Soviets were genuinely con- 
cerned with disarmament - as op- 
posed to the "denuclearisation" of 
Europe - they would have concen- 
trated an more costly 
intercontinental systems. 

At this point President Mitter- 
rand said France been pre- 
pared to accept a “zero-option" 


agreement in 1983 - "no Pershings, 
no cruise, no SS20s” - and that it 
was illogical to refuse it now. Both 
camps now accept an LRINF 
will go through - and both favour 
negotiating for the removal of the 
100 SS2Qs that could still be sta- 
tioned in Asia «nd 100 medium- 
range missiles which should remain 
in the US. 

The Government’s doubts over a 
"double-zero" option became open 
hostility with Mr Gorbachev’s pro- 
posals that shorter-range weapons 
should be included as welL They 
fear that if all weapons in the 
500km-1000 km range are with- 
drawn, it will not be possible to pre- 
vent concessions on weapons below 
the 500km leveL 

They argue that in such a situa- 
tion West German ecological and 
conservative opinion would turn 
against battlefield nuclear weap- 
ons. They also fear that it would be- 
come increasingly difficult to justi- 
fy before public opinion the Hades 
and Platon land-based <***+! **»i sys- 
tems which are conceived as 
France's pre-strategic force. 

Hence the Government's anxiety 

♦Turf Omnwillm 1 FTnh| f h fl Qld stifk tn 

the SRINF compromise he an- 
nounced to foe Bundestag last 
week. But foe French recognise 
that by holding an to the Pershing 
lAs the West Germans might create 


a wedge by which foe Russians 
could call into question foe British 
and French systems, that foe Bus* 
sians might not accept that the 
PlAs be modernised and that West 
German public opinion might not 
accept their redeployment 

The Elysee’s position is that it is 
better to abandon shorter-range 
weapons at rather than 

defend positions that could be un- 
tenable before the Soviets and in 
the eyes of public opinion. The Ely- 
s£e also believes that fiexibiility cm 
SRINF will make it easier to resist 
pressure to drop below foe 500km 
leveL Thus its approach at some 
points paraph* fHat of Britain. 

The Communists, in a dramatic 
change of policy, have swung be- 
hind Mr Gorbachev's proposals 
from their traditional support of un- 
clear deterrence. At the same time 
it is becoming increasingly difficult 
for a French Socialist leader-even 
Mr Mitterrand - to reject disarma- 
ment proposals without running in- 
to opposition from his own party. 

In foe longer term for both Presi- 
dent Mitterrand and Mr GHirar — 
each of whom have a hand in the 
making of foreign and defence poli- 
cy - the road since the October 1988 
Rejkavik summit points to a more 
fundamental rethink of defence pol- 
icy in foo ti gh t of a diminifomg US 

commitment to Europe. 

The first taboo to be eroded is 
French reluctance to discuss its in- 
dependent n odear dp te r r ^t Mr 
Girand is now exploring co-o pera - 
tkm with Britain over joint produc- 
tion of air-to-surfoce ™«iips fopf 
could be fitted to Tornados in the 
mid-1990s, joint submarine patrols 
and the protection of nuclear bases. 

The other issue slowly being 
faced is that of possible US troop 
withdrawals from Europe. Mr Fran- 
cois Heisbourg, formerly an adviser 
to Mr PTiarlgg Hwnn , the Smiifet 
Minister of Defence recently ap- 
pointed as foe new head of foe Lon- 
don-based International Institute of 
Strategic Studies, argues in an in- 
fluential recent article fo«t French 
troops would have to fill the breach. 


Kaunda 

reshuffles 

Cabinet 

By Victor Mallet In Lusaka 

DR KENNETH KAUNDA, the Zam- 
bian President, yesterday changed 
his Finance Minister for the third 
time in just over a year and sacked 
senior staff at the Central Bank 
who he indicated were involved in a 
major scandal. 

Dr Kaunda's latest Cabinet re- 
shuffle follows his landmark deci- 
sion to break with the International 
Monetary Fund (IMF) and return to 
tighter state control of foe economy 
when many other African countries 
are moving in foe opposite direc- 
tion. 

Mr Gibson Chigaga, a lawyer who 
was Attorney General and has no 
experience of finance, becomes Fi- 
nance Minister in place of Mr Keb- 
by Musokotwane. who will retain 
his other job as Prime Minister. 

Home Affairs Minister Mr Cos- 
mas Chibanda was dismissed. "He 
is unable to perform bis functions," 
the President told journalists 

Dr Kaunda also dismissed foe 
Deputy Governor of foe Bank of 
Zambia, Mr. K.M. Lamaswala, and 
foe general manager, Mr Michael 
Mwape, a relative of Dr Kaunda by 
marriage. He said they and 11 other 
senior members of staff would be 
investigated by the director of pub- 
lic prosecutions on foe basis of a re- 
port prepared by the Auditor Gen- 
eral 

Dr Leonard Cbivuno, nicknamed 
"Red Len" by bankers because of 
his Moscow training, remains as 
Governor of the Central Bank. 

Dr Kaunda yesterday softened 
his criticism oi the IMF, saying on- 
ly that foe IMF was trying to move 
too fast in implementing the auster- 
ity programme for Zambia. 

Zambia is likely to face a severe 
shortage of foreign currency be- 
cause of the revaluing of the local 
currency and the scrapping of the 
weekly foreign currency auction, 
which was used as a conduit for bal- 
ance of payments support from 
Western donors. 


US may reconsider opposition 
to greater World Bank lending 


BY NANCY DUNNE IN WASHINGTON 


THE REAGAN Administration may 
push for an expansion of World 
Bank lending because of the refusal 
of foe Inter-American Development 
Bank (IDB) to agree to changes it 
wants. 

A Treasury spokesman con- 
firmed yesterday that the US might 
now back a long-discussed increase 
in its capital to channel more devel- 
opment funds to Latin America. 

The Administration had planned 
to boost lending to Latin America 
through the IDB, but first it sought 
“reforms” in foe voting structure 
which would give the US the power 
to veto loans if anot he r country vot- 
ed with it 

So far, the Latin American bor- 
rowing countries have refused to 


agree to changes. There is a “slim" 
chance, according to a Treasury of- 
fidal, that agreement may still be 
reached at a meeting of the IDB 
Government board tentatively 
scheduled for next month. 

Mr James Baker, Treasury Secre- 
tary, had called for a greatly ex- 
panded IDB lending programme, 
including “appropriate policy condi- 
tionality and high priority quality 
loans.” Having foiled to get an 
agreement, however, the Adminis- 
tration will not support a S25bn re- 
plenishment of l ending resources 
which foe IDB has been seeking. 

In fact, a Treasury official said 
foe Bank's landin g over foe 
four years would actually decrease 
to between SlObn and Sllbn and go 


only to small projects. 

The US has been reluctant to 
agree to an increase of Wodd Bank 
capital until it gets Congress to pay 
the S201m in arrears it owes to the 
Bank’s concessional lending arm, 
foe International Development As- 
sociation. 

The House has rejected an Ad- 
ministration request to pay the ar- 
rears, and the Senate has yet to act 
The US is $784m in arrears on fund- 
ing to development institutions, a 
reflection of budget constraints and 
foe unpopularity of foreign aid in 
Congress. 

A World Bank capital increase 
could conceivably cost no more 
than a promise to guarantee funds 
if needed, or callable capital. 


UK restricts North Sea permits 


BY MAURICE SAMUELSON IN LONDON 


THE BRITISH Government has 
awarded ofl and gas production per- 
mits for only 51 of the 127 North 
Sea areas offered under its 10th off- 
shore licensing round. 

Nearly all foe new licensed 
blocks, covering about 12,500 
square kilometers, are in mature 
areas of the North Sea. Several of 
foe new areas are adjacent to exist- 
ing oil or gas developments, such as 
foe Rob Roy/I vanhoe field, operat- 
ed by Amerada Hess; Maureen, op- 
erated by Philips; Texaco’s Clay- 
more Field; and foe Amethyst gas- 
field in the southern North Sea. 

This reflects the indnstry's reluct- 
ance to take undue investment 
risks during a period of low oS 
prices. The industry has shown par- 
ticular interest in the central and 
southern North Sea areas which 
are rich in gas. 

Mr Alick B iiptiflMnJimith, Oil 
Minister, said last night that the 
round had gone "extremely weQ giv- 
en the rr wnimrfHnrgg of the indus- 
try." The ratio of licences to areas 


on offer was in line with that of pre- 
vious rounds. 

The round also had fully met foe 

Governments target, c onfo u n d ing 
those in the C5ty of London who 
had questioned foe need for a new 
licensing round at this time, he 
said. 

The Government is also pleased 
wife foe level of the work pro- 
grammes tabled by the oil compa- 
nies, reflected in the average num- 
ber of wells drilled pa* block and 
the innovative nature of their pro- 
posed work programmes. 

Most of the major oil companies 
have won operatorships. However, 
the newly privatised British Gas, 
which is a member of one success- 
ful consortium, has not been named 
as an operator despite its large ml 
reserves. 

Announcing foe awards in a 
House of Commons written answer, 
Mr Buchanan-Smith said they en- 
sured continuity in exploration 
work and would provide th e po ten- 
tial for development of the UK’s oil 


and gas discoveries in the 1990s to 
replace existing fields as they be- 
came exhausted. 

The Government announced in 
February that 75 applications h»*H 
been received from 84 companies, 
including an the niain oil compa- 
nies, for the 127 blocks on offer. The 
proportion of blocks applied for was 
lower than in the ninth round but 

tii ghgr than foe pi ghth 

There is no relaxation in the con- 
ditions used in previous rounds, 
despite speculation that they would 
be made less onerous to encourage 
applications. 

British Petroleum is the operat- 
ing company in five areas while 
Shell, Amoco and Amerada Hess 
are each named as operators in four 
areas. 

Among smaller British licensees 
are Ultramar, Taylor Woodrow En- 
ergy, Hamilton Brothers and Bri- 
tofl. Continental Europe repre- 
sented by the Italian cnmpiriy 
Agip, with two operatorships, and 
Belgium's Pina wife one. 




Aina 

C 

•c 

16 

•F 

61 

OgM 

G 

*c 

17 

-f 

63 

Ub 

s 

°c 

21 

•F 

70 

Aril 

C 

*c 

18 

■F 

64 

Hgm 

s 

28 

73 

Edtatagk 

R 

10 

H 

Haetnw 

F 

11 

52 

Ebb Ja 

“ 

— 

— 

Aanariw 

F 

s 

48 

ha 

F 

?l 

n 

Had* 

- 

— 

— 

Am 

F 

20 

S3 

Mm 

S 

20 

B8 

Horn 

F 

70 

68 

Nttam 

T 

17 

B3 

hUm 

R 

7 

4b 

Brim 

s 

3* 

93 

Fnrttaa 

F 

II 

52 

HcxsOff 

- 

— 

— 

SaFnodm F 

14 

57 

Bagb* 

- 

— 

— 

Facial 

F 

zb 

as 

Mmd 

s 

25 

77 

Sod 

c 

IB 

68 


F 

17 

63 

Em 

R 

8 

46 

Un 

F 

13 

55 

SoGtsm 

T 

Z7 

n 

Bant 




_ 

QfenUr 

6 

22 

72 

UomM 

6 

a 

48 

Ssettata 

C 

9 

48 

asm 

F 

10 

SO 

Bbqnr 

F 

10 

50 

Hum 

C 

17 

63 

SndM3 

F 

11 

52 

Brignrii 

S 

24 

75 

Gcrmwf 

S 

10 

58 

Kmc* 

A 

7 

45 

arfw 

S 

24 

75 

Bri> 

c 

II 

U 

Hdanfa 

R 

B 

40 

1 Mi 

T 

S 

77 


“ 

— 

— 


c 

IS 

SB 

H.Kari| 

S 

38 

BB 

Jfapta 

F 

2B 

68 

hope 

f 

20 

68 


& 

33 

91 

Iflllhiri 

R 

5 

41 

fam 

- 

— 

— 

T«fa4 

s 

24 

A 


F 

14 

67 

bam 

C 

9 

48 

Her Mb' 

F 

27 

81 

Tmrii 

l 

24 

7b 


F 

S 

4A 

UnW 

- 

— 

— 

Hawftcb 

S 

13 

5b 

Tt*fB 

c 

23 

73 

Mum 

C 

IS 

58 

baaM 

S 

20 

68 

Ha 

S 

21 

n 

Tnanb 

s 

a 

48 

a Ms 


_ 

_ 

JM 

• 

•m 

— 

■fast 

- 

— 

— 

Ton 

F 

14 

57 


S 

29 

B4 

Jtncf 

c 

12 

5* 

0pm 

F 

17 

13 

Vbnca 

s 

Z1 

78 


a 

IB 

81 

JoMB 

s 

25 

77 

ado 

a 

5 

41 

(Mb 

a 

19 

68 





Lira 

- 

— 

— 

Pans 

f 

9 

48 

VMb 

a 

11 

52 

CnVfa"tt 

F 

20 

68 


f 

20 

88 

Fri, 

s 

21 

n 

Yhrsm 

a 

16 

Bl 


S 

9 

48 

bate 

t 

12 

54 

Png* 

c 

11 

52 

Hkdinm 

c 

16 

61 

Uva 

C 

9 

48 

laAnpta Fy 

16 

51 


c 

5 

41 


c 

3 

48 

Owrtqw 

Cri 

A 

F 

S 

a 

IB 

IT 

46 

GS 

63 

Lmeoaq 

Ifrfrid 

Mqra 

T 

F 

S 

2 

21 

26 

45 

ID 

79 


Ootka 

c 

12 

54 

IU* 

8 

2/ 

81 






OECD to cut farm aid 


Continued from Page 1 

changes related to more immediate 
trade disputes, 

Mr Clark strongly attacked Japan 
for failing to take speedier action to 
open up its markets while Mr Willy 
de Clerq, the European Trade Com- 
missioner, renewed criticism of the 
bilateral deal on semiconductors be- 
tween Japan and the US. 

On the broader macroeconomic 
front, foe ministers reaffirmed 
their pledge to cooperate in tack- 
ling international trade imbalances 
and in promoting stability on for- 
eign exchange markets - essen- 
tially through action in Japan and 
West Germany to stimulate growth 
and by further moves in foe US to 
cut foe budget deficit 


There were no detailed new com- 
mitments from any of the three, but 
Mr Baker said West Germany's in- 
dication that it would review its me- 
dium-tenn policy if growth faltered 
marked a welcome new departure. 

Mr Martin Bangemann, foe West 
German Economics Minister, 
that a judgment on whether such 
additional action might be needed 
could be made as early as next 
month - a tuning which would coin- 
cide with foe world economic sum- 
mit in Venice. 

Mr Baker said that in private 
conversations with Japanese minis- 
ters he had also more details of the 
Government's planned S35bn pack- 
age of expansionary measures. 


UK bond 

auction 

succeeds 

By Janet Bush hi London 

THE Bank of England's first ex- 
perimental auction of UK gov- 
ernment bonds yesterday ap- 
peared to have passed off rela- 
tively smoothly. 

From the Government's paint 
of view, the issue of stock was a 
success in that the sale o< Ellm 8 
per cent gilt s maturing in 1992 
was covered or subscribed for £3 
times. 

In other respects, the sale had 
some of the hallmarks of the ex- 
periment it bad always been 
billed as by the Bank of England. 

Primary dealers repeated a 
high level of ignorance about the 
new system among clients, and 
the spread of different bids ac- 
cepted by the Bank suggests that 
there was some lack of ex p e rtis e 
among some market makers and 
institutions. 

The newness of the system, 
coupled wife a nervous market 
background of an election cam- 
paign and the fact that the stock 
in itself was not regarded as par- 
ticularly attractive, ensured that 
demand from both domestic and 
foreign institutions at the auc- 
tion itself was modest. 

There factors, coupled wife the 
sale today of a further E1hn of 
stock via the traditional tender 
system, also appeared to have 
ensured a eaunoug approach to 
the suction by afi but me bravest 
of market makers. 

In the event, the Bank smd 
that the lowest accepted bid was 
£9825 and the highest £98.75. 
Non-competitive bids were allot- 
ted at £90). 

The fact that the average price 
and the minimum accepted price 
were so dose together suggested 
that the vast majority of competi- 
tive bids were made near to the 
minimum price which was in line 
with “when issued” (nice levels 
at yesterday's deadline for bids at 
10am- 

UK interest rate policy. Page 8 


Japan urges 
restraints 

Continued from Page 1 
general of the Financ e Ministry's 
international finance bureau. 

Janet Bosh writes: The dollar 
was helped yesterday by expecta- 
tions that March US trade figures 
published today would show a nar- 
rowing of the deficit and by hopes 
at further declines in West German 
interest rates. The Japanese Fi- 
nance Ministry’s efforts to limit dol- 
lar speculation by domestic institu- 
tion attracted littie notice. 

The US currency ended marginal- 
ly firmer in Europe at Y1 39.70 com- 
pared with Y139.50 at Tuesday's 
dose. Meanwhile, sterling’s trade- 
weighted inlex dosed firmer at 73.5 
compared wife Tuesday's closing 
712 on revived election optimism. 


THE LEX COLUMN 

Insurers declare 
Peninsular war 


Tosay that Sir Jeffrey Sterling is 
annoyed with ^ Asso ci ation of 
Bri tish Insurers is- rather like say- 
ing feat there are differences of 
opinion between Mrs Thatcher and 

Mr tTimwfr , 

One can undertand Sir Jeffrey’s 
perturbation. He decides that the 
equity into which P&0*s first Euro- 
bond is convertible will not exceed 
2Ji per cent of issued stock. Al- 
though P&Cs AGM this month 
gives it powers to issue up to 5 per 
cent of authorised capital to nan- 
shareholders, foe company is dear- 
ly concerned to do nothing to antag- 
onise tiie ABI, so keeps to foe letter 
of the new ruling. 

But tiie ABI immediately makes 
a statement criticising P&O, argu- 
ing that tiie bond’s achievement of 
reaching a premium of about 3 per 
cent, is a measure of the extent to 
which value bay been from 
shareholders. Sir J. S terling hH* 
roof. In cold lope, the ABI has a 
point But foe premium in the trad- 
ing price of the bond is merely a 
reflection of foe fact that the P&O 
ordinary shares gafapd a similar 
amount yesterday, after tiie price of 
the bond was struck. 

It is true that a w»nW of British 
companies, dreed by gentlemen 
with a plausihle manner and a way 
wife numbers, have issued converti- 
ble Eurobonds at prices which hove 
provided instant premiums large 
enough to fond foe bonuses of a 

li fetime try r lpuri irmnagw s 

Yet the P&O band is emphatically 
not of this class. The coupon of 4% 
per is no more than flu pro- 
spective yield on the yharas. The 
convertible e x e r c i se price, at 
around 20 per cent higher than tiie 
going rate in the stock market is 
about twice as demanding of some 
of tiie offerings which have mused 
European bond' investors to swoon 
wife pleasure. 

The ABTs general stand in favour 
of the pre-emptive right of share- 
holders has much to rn mmaJ it 
But to bridle at offerings which are 
both tightly prinaH, and (almost) 
within the new stricter guidelines, 
is to cross the boundary dividing 
justifiable rrmrprrvf mm arragamw 

BP/Standard 

BP probably has the investors' 
penchant for warrants to thank for 
its success in attaining 90 per cent 
of the outstanding ordinary stock of 
Standard Ofl. With the surge in 
BPs share price since the second . 
offer was devised, the warrant has 


Commercial Union 


106. 

100 

95 

BO 

86 


V 

:=' . :?na 
: s? 

Z •» 

■ pi w. ! V- 


.#! 


1985 


86 


87 


attained a grey market value of 
about per Standard share. 

Had the level of acceptances been 

-only fractionally less, then BP 
would have required about three 
Tnnntiw of legal rigmarole to force 
merger. And, low oil prices or not, 
three months of Standard Oil cash- 
flow is not a negligible reward for 
ingenuity. 

Commercial Union 

Commercial Union may feel that 
tiie stock market has been some- 
what grudging in the treatment of 
its shares given the strenuous ef- 
forts made to change course in the 
past couple of years. Bat, following 
15 years of fairly continuos under- 
performance against tiie composite 
sector, wife the after-effects of 
previous management errors stiff 
being felt, the shares have lately 
done well to keep in reasonably 
dose touch wife foe average. 

The question now is whether the 
new CU can begin to catch up 
«ga»n_ First-quarter profits , which 
more than doubled to £2&2ni, may 
l oo k middle-of-the-road in the fight 
of today’s results from Royal and 
General Accident. 

CD’s deliberate bypassing of tiie 
higher-risk US business may prove 
brilliant when others are still get- 
ting claims many years hence from 
business written now, but it is slow-' 
fog CU*s own return to profits. 

The UK picture is far more en- 
couraging, combining rate in- 
creases wife increased v olum e. 
And, though tiie cold snap cost £5m 
more, than last year’s bad weather, 
an imaginative management might 
see the borst water pipes as a mar: 
keting opportunity. 

European expansion appears well 
motivated. ClTs management must 
: do even more - on all fronts - to 
earn foe market’s confidence. 


Meanwhile, if dividend growth does 
not match the zest of the sector. 
CU’e yield is higher to start with. 

Land Securities 

The property effects of Big Bang 
are dropping like manna into the 
balance sheet of Land Securities, 
which has shrugged off five years 
of underperform an ce and set a 
cr acking pace in the property sec- 
tor. 

The 16 per cent growth in asset 
value per share was higher than ex- 
pected and, following the recent re- 
nting, was frwmig h to leave the dis- 
count at a barely perceptible 4 per 
cent (or 15 per cent premium net of 
tax). 

The price must now include much 
of future growth, and with assets 
possibly touching 580 p in the cur- 
rent year, the discount will soon re- 
turn to less remarkable levels. 

But, unlike the investment-led 
property boom of the early 1970’s 

the current customer-led boom is 
providing high-quality earnings for 
those with suitable portfolios. Land 
Securities has not simply been in 
th e ri g ht place at the right time; the 
Hwiing of its re-gearing still looks 
good and development money is 
now equivalent to nearly one-third 
of shareholders’ funds. 

The company ban raised £800 tn 
since November 1985 (using the in- 
novative techniques now such a fea- 
‘ tore of the sector) and has spent on- 
ly about £350m, mainly on retail 
warehousing, (surely a growth sec- 
tor) and tiie overdue redevelopment > 
of London leases. 

The dividend is op a healthy 112 
per cent and tiie cover is even a 
slight improvement on last year. 
Any Japanese bid interest will have 
to wait until oversupply of City of- 
fice space becomes a worry - and a 
more historical discount re-appears 
-in 18 months. 

Monetaiy controls 

The battery of policy instruments 
available to the Bank of England is 
limited, particularly at a juncture 
when it wants to stop interest rates 
fpom falling and the pound from ris- 
ing. To such wphisticated mechan- 
isms as over-funding and purchases 
of foreign exchange, the Governor's - 
Mais Lecture, entitled “Instruments 
of Monetary Policy," yesterday 
added the humble light switch. 
Presumably it offsets foe effect of 
the green baize curtain feat has 
been used to cover over Minimum 
Lending 


/f 


Senior 
Financial 
Executives 
of outstanding 

ability 

Currently Earning 
£40,000X100,000 


Odgers and Co. are Management Consultants 
specialising in executive recruitment. We are currently 
extending our contacts with senior executives of 
outstanding abffity and achievement in the field of finance. 
We would like to hear from people aged 32-45 who fed 
ttert, in developing their careers over the next few years, they 
should not rule outthepossibaity of moving to a trigger iob in 
another organisation. ^ 

Please write giving a brief summary of your 

background and experience to Pfeter Makin., 

Any approach will be treated in the very strictest 
confidence. 



J 


MANAGEMENT consultants 

Odgenand CoLtd, One Old Bond St. 
London W1X3TD. 01-4998811 










Financial Times Thursday May 14 1987 

INTERNATIONAL APPOINTMENTS 


Top Spanish banker and 
de Benedetti in talks 


BY TOM BURNS IN MADRID 

THE FORMER Bank , of Spain 
Governor, Mr Jose Ramon 
Alvarez Renduetes « likely to 
become Mr Carlo de Behedetti’s 
man in Madrid -when the Italian 
tycoon Munches & promised 
holding company in Spain In 
the near future. 

Mr Alvarez Rendueles, 46, was 
appointed last year chairman of 
Banco Zaragozano, an Aragon- 
based bank which is currency 
negotiating fts role as the major 
domestic partner in a Spanish- 
style version of- Hr Benedetlti's 
Cents Holdings of France with 
Mr de Benedettii’s Qe. Indus- 
triali Riuaifi, of IfaJy. _ 

A spokesman Cor - Mr 
Rendneles said . yesterday In 
Madrid that negotiations would 
be concluded by . next month. 
Talks between Banco Zarago- 
*ano and Mr de Bened&ti’s Cir 

were at present centred on the 
entry of a second Spanish 
partner into the projected hold- 
ing and of tiie possible, addition 
of a fourth major shareholder 
■which, if' it is approved, would 
be a non-Spanish group. 

The second Spanish partner 
under discussion is understood 
to be the fast growing construc- 
tion and real estate company. 
Construed ones y Contra tas 

which is owned by the Alcocer 
famfly and has Mr Ramon 
Areces, the proprietor of tire 
Cortes Ingles department store 
chain, as its chairman. Constroc- 
ciones y Gontrotas owns 30 per 



Mr Jose Ramon Alvarez 
Rendueles, former Governor 
of the Bank of Spain: in line 
to be Mr Carlo de BenedettFs 

nun In Wi^rH 

cent of Banco Zaragozan o 
Mr Alvarez Rendueles was tiie 
youogest-ever Governor of the 
Bank of Spain, the country’s 
central -bank, -a -post- be held 
from 1978 to 1984, serving both. 
Centrist and Socialist govern- 
ments. Oh leaving the' Bank of 
Spain he assumed the chairman- 
ship of Prodnctos Pirelli, the 
Spanish subsidiary of the 
Italian tyre group, and the vfce- 


chainnanship of TTkpqnn 
Olivetti, an appointment which 
brougA him into dose profes- 
sional contact with Mr de 
Benedetti. 

The Italian tycoon, who was 
in Spain last week, has said in 
Press interviews that he plans 
a Spanish holding company, 
modelled on hie Cerus venture 
in France, which will have an 
initial capital of $50m. Mr de 
Benedettl’s Cir group is 
expected to hold 40 per cent of 
the future Spanish bolding. 

Gtibank in 

new departure 

. By Rami G, Khouri In Amman 
Jordan has its first woman 
general bank manager, follow- 
ing the announcement (that the 
Jordan branch of Oita bank, the 
NOw York money centre bank, 
has appointed a Jordanian 
woman. Miss Chads Dabbas, its 
Jordan Corporate bank bead, 
as general manager an charge 
of . Citibank operations in 
Joaxfen, Syria and Iraq, effec- 
tive June 7. f 

-With her appointment.- -to 
take the place of Mr Zobeir 
Soomro, who is to lake up a 
post with Citibank in Saudi 
Arabia, Citibank’s Jordan- 
Syria-Xraq operation will be 
managed by an all-JoRkffldan 
team- 


Elders in 
finance 
move in 
New York 

ELDERS 13L, the Australian- 
based diversified industrial and 
financial concern. has 
announced that Mr Gene 
Donney is to be president and 
chief executive of Elders 
Futures Inc., its New York- 
based futures and options 
operation. Mr Donney, 34, 
assumes responsibility for 
brokerage, clearing, sales and 
exchange activities in New 
York, Chicago and Geneva. 

Elders acquired Rudolf Wolff 
Futures Inc., of the US, last 
year, and renamed it Elders 
Futures. The concern operates 
in such fields as energy, finan- 
cial futures, precious metals, 
currency and managed products 
areas. 


Reshuffle near top 
of American Brands 

AMERICAN BRANDS, the US 
concern with substantial 
interests in tobacco, has 
announced that Mr Virgin! us 
Lougee m, 66. is to retire as 
company president on Decem- 
ber 31, and, has resigned as 
chief operating officer. Mr 
William Alley, vice chairman, 
has taken over the additional 
post of chief operating officer. 


UBS gives boost to 
younger generation 


BY JOHN WICKS IN ZURICH 

THE ELECTION of Mr Robertr-jHalzach, 
Studer as future chief ex ecu- ..announced 


live officer of Union Bank of 
Switzerland, means that the.- 
“ younger generation " is to 
take over the reins of the big- 
gest Swiss bank. 

Hr Studer, who Is 49, is to 
succeed Dr Nikolaus Sam nest 



Mr Robert Studer: at 49 
moving Cowards the top of 
Union Bank of Switzerland 

year aa president of the UBS 
executive board. Dr Senn. now 
60, wiR be nominated the bank’s 
chairman at the 1968 annual 
meeting. 

Dr Senn, in his turn, will re- 
place the 65-year-old Dr Robert 


wbo has just 
his decision to re- 
tire next year after having 
headed the board since 1980. 

Mr Studer has long been one 
of the brightest stars among 
Switzerland's younger bankers. 
He joined UBS after an 
apprenticeship in 1967, and 
acted in his thirties as a repre- 
sentative of the bank in Beirut 
and New York before returning 
to Zurich. 

He was made general man- 
ager at the age of only 42, and 
has since bees in charge of 
the UBS finance division, which 
covers such things as securities 
operations, and foreign and 
domestic capital markets opera- 
tions. 


TEXAS EASTERN, the inter- 
state supplier of natural gas to 
the east coast of the US has 
announced the promotion of two 
officers to senior vice president. 
Mr Paul M. Anderson has been 
elected senior vice president of 
strategic planning and petro- 
leum services, and Mr J. Michal 
Conway senior vice president 
and chief financial officer of 
the corporation. 

Is addition, Mr James B. 
Hippie and Mr Jamee R. O’Hare 
have been elected vice presi- 
dents of the compe.iy. Mr 
Hippie is Texas Eastern's cor- 
porate controller and Mr 
O’Hare is corporate treasurer. 


BrianSmith Associates 


MANAGEMENT CONSULTANTS 


GROUP FINANCIAL 
CONTROLLER 


c £27000 + CAR 


KENT 


Our client, a division of a major international company, is 
one of the largest Motor Vehicle Retailing and Distribution 
Groups in the UK, with a turnover exceeding £20 Om, 
encompassing major prestigious and volume franchises. 
Due to reorganisation, they are seeking to strengthen 
their management team through the appointment of a 
Financial Controller. 

You wiil report to and work with the Group Operations 
Director, who is a highly experienced senior automotive 
executive. He has been charged with maximising sales 
and profits through reorganising, restructuring and mod- 
ernising dealerships to create a stable dynamic customer 
orientated environment. Your department will ensure an 
accurate and timely information service on aJI financial 
matters to support his activities. You wiil also be expected 
to contribute and participate in the management of the 
Group's activities. 

To qualify for consideration, you must be an experienced 
retail motor industry Accountant, qualified, aged 23/45 
with a vigorous personality and management style. The 
ability to specify information technology in order to 
improve operational efficiency will be important 

In addition to the salary and car, normal company benefits 
are included in the remuneration package. Relocation 
assistance will be provided in appropriate cases. 

In the first instance, please forward a detailed CV In 
absolute confidence to Brian Smith, the Consultant 
handling this assignment or telephone for more 
information. 

THE CONSULTANCY FOR VALUE 


9A STATION ROAD T'- 
GERRARDS CROSS, BUCKS SL9 8ES 
' Tel: (0753) 888092 (24 hrs) 1 


Accountancy Appointments 



International 



Accountant mid-20s £18,000-£20,000 


Operating in- 5. continents, major British conglomerate ■ 

employs 50,000 in its wide-ranging business activities. The 
FinanceD e p ai ti a eni rt tfae.Chy head office is tqrecniita. . 
recently qmlified, graduate accountant indie 
mid-Ms, who will be given a broad involvement 
across tiKpt>iip^mftriiatiOntJaffates.Thenihial 
itite will Indnde fihfinc^uyvdrflirtfc anti analysis 
of strategic issues, the review of operating results 
from overseas subsidiaries, and a rangeof ad hoc 



pro fe <^ c o v nin gaoqmsitmn i n v estigat ions, capital investment 
appraisals etc, in the UK and overseas. This is an ideal more 
io tbe centre of a blue-chip innjnnatkffial, and will attract 

those who are alrmdy familiar with financial systems 
in major enterprises. A strong academic record aid 
l^pokQUinlQnqimn, • - 

Please send derailed cv. Indicating current 
salary, to Reft 146Q/MJH/FL 


RVPersonnd Services 



Financial 

Co-ordinator 

UK Group with 
International Interests 

& 30,000 + Car 
Central London 


Tbls is an interesting career opportunity involving the 
provision of financial advice to a successful family group with 
substantial investme nts both in the UK and overseas. 

The responsibilities are varied and include Investigating 
property and other investment opportunities, assisting fo 
funding negotiations, performing a co-orcfinating rote 
between the famBy and the companies in which they have 
Invested, and an element of accountancy work. 

The successful candidate must be a Chartered Accountant, 
aged probably about 40, with wide ranging experience and a 
sense of humour. 

Pfease sand concise details, Including current salary and 
-daytime telephone number, quoting reference N2003, to 
A Moynan, Executive Selection Division, 

Grant Thornton 

Management Consultants 
Fairfax House, Fufwood Place, London WC1V 6DW. 



r 


Group 

Financial Planning 

c.£30,000 + package 




. Our diem is a major supplier of bufldpig 
and construction 

of £600m and a leading position in the 
market ' 

TheGroup Finance Director has retained us to 
reourtan©<eaJTive,probabty 30's, 

Id establish a Financial Planning lundioa 

The rale will cover aB present and future activities* 
their analyse and 

competftioa Specific emph^wifl be on cashflow 
new capital projects, acquisitions, and the financial 
assessment of new martets and products. 

.Tb warrant consideration, you . . 

musthavehad' " 







previous analytical and planning experience 
in a substantial industrial enterprise. A degree 
and/or professional qualification is desirable. . 

The appointment will be based at the Group's 
Head Office near Bristol salaiy is negotiable 
around £30^X)0 and there is a comprehensive 
benefits package, inducing full removal expenses 
if necessary 

. Please send a detailed cv, including contact 
telephone numbers* in strict confidence to Peter 
Wilson FCA at Management Appointments 
Limited (Search & Selection Consultants), 
Finland House, 56 Haymarfcet 
London SW1Y4RN. 

TeL (01) 930 6314 




ppofartments 


J 



ACCOUNTANTS FOR 
INTERNATIONAL MANAGEMENT 
CONSULTANCY 


London based 

We are one of the leading international 
management consultancies; we are now looking 
for further first class senior consultants and 
consultants for our financial management practice 
in the UK and overseas. Rapid expansion of our 
business in tbe Middle East in particular means 
that there are opportunities for staff to be based in 
London but to work predominantly overseas. 

For senior consultant positions, candidates wig be 
qualified accountants, with an honours degree and 
five to ten years post-qualification experience in 
industry or commerce, who can demonstrate 
proven achievement Experience must include 
some responsibility for systems development as 
well as line managem ent in the finance function. 
Personal qualities wifl include the ability to 
communicate dearly both orally and in writing. 
Previous overseas experience would be an 
advantage. 


For consultant positions we are interested in 
people over 26 who have less industrial or 
commercial experience but who otherwise meet 
the profile indicated above. 

We offer outstanding opportunities to gain 
experience in a wide variety of industries and to 
wort with s timulating colleagues from a number 
of disciplines. The salary and benefits package is 
generous and the additional allowances granted on 
longer overseas assignments provide considerable 
opportunities for saving. There are excellent 
promotion prospects within Pleat Marwick 
McLinbock for those who wish to pursue a career 
in consultancy. 

Please write in confidence, enclosing a brief 
summary of your qualifications, experience and 
remuneration history, quoting reference A/MY7 
to Mike Coney, Recruitment Manager; 


HE 

/Vr/r/U^ 



Peat Marwick McLintock 

Management Consultants 

1 Puddle Dock, Blackfriars, London EC4V 3PD. 




“KEY SUPPORTING ROLES” 

Our client is a well-established and profitable US-owned multinational, marketing and distributing multi- 
media information products throughout the world. 

High standards of financial control and management information are needed in order to sustain a steady 
growth rate, and to further strengthen the European finance function. Accordingly, 2 qualified accountants 
are required for the company’s divisionalised European HQ, based in Wast London. 

Attractive remuneration packages are offered including company car, private health care, pension scheme 
and substantial performance bonus. 

Chief Accountant, UK 

To £17,000 + Car + Bonus 

Reporting to the Financial Controller, key 
responsibilities will be for managing the staff and 
activities of an accounts department with eight 
people. This will involve reviewing monthly 
management accounts and profit forecasts, pro- 
ducing year end statutory information for Both* 
UK and US purposes ana undertaking systems 
reviews. 


Finance Manager, Europe 

c.£20,000 + Car + Bonus 

Reporting to the Financial Director, this newly 
created position covers responsibility for monitor- 
ins and reporting onthe performance r ' r European 
subsidiaries. This will involve a vie range 
of special projects such as feasibu--/ studies, 
product costs, the development of business plans, 
budgets and forecasts and systems reviews. 

The development of a close working relationship 
with local management is essential to the position 
and therefore, the successful applicant will be 
required to spend 40-60 days p.a. in Europe. 
Candidates will be qualified Accountants aged 
26-36 demonstrating commercial acumen and 
experience, gained preferably within an inter- 
national environment. Ideally you will be able 
to use a second major language, either French 
or German. 


In addition you w ill be required to assist the con- 
troller in the prod uction of budgets and forecasts. 
This broad and challenging role offers consider- 


able exposure to both senior operational manage- 
ment and highly sophisticated computerised 
systems. 

Candidates, aged 24-28, will probably be recently 
qualified accountants looking for their first move 
from the profession. 


Please apply directly to Suzzane Wood at Robert Half Personnel. Mountbatten House, Victoria Street, 

Windsor, Berks SL4 1HE. Teh (0753) 857181, 


T.; 



ROBERT HALF 

nVWTI.VI. Kl.t.Kl tl Ml \ J >.I'H IMfS-fs ” 


i i >\IK r% i.lCM'M.HAM V. I\: >.>>*• M Nf.W VUl'K i- >' '.OTm* (J Ills UMKI OUlDh 






£43 per single 
column centimetre 
Premium positions 
will be charged 
£52 per single 
column centimetre 
For further 
information, calk 

Jane Randall 
01*248 5205 

Daniel Berry 
01-248 4782 

David Rhodes 
01-329 4726 

Tessa Taylor 
01-236 3769 



HU 


Central London to £40,000 + Car 


Wears acting for a publicly quoted group engaged in a service 
industry. Rapid growth has resulted in a reorganisation at the centre 
and created a need to appoint a Financial Manager who will report to 
the Group Finance Director: The role Is extremely flexible covering a 
wide v a riet y of non routine work but also embraces the responsibility 
for managing die production of monthly accounts, budgets, currency 
management, stock exchange information and acquisition work. 

We are seeking a highly motivated Chartered Accountant undo* 35 
who has broad technical ability and a proven record as an adtievec 
The capacity to act quickly and derisively to meet strict deadlines is 
crucial. Prospects of progression within the group are excellent 
Terms embody a salary of £35/40,000 plus hilly expensed cat profit 
shares pension and medical coven 
Applications in strict confidence to R. J. Welsh. 


l^ginald Welsh & Partners Ltd Jjj 

; ACCOUNTANCY & EXECUTIVE RECRUITMENT CONSULTANTS Jg 
123/4 Newgate Street. London,' bCIA 7AA. Tel: 01 600 8387 



SENIOR FINANCE 
OPPORTUNITIES 

London and South East based ■ ■ _ . 

Salary negotiable up to 35k+ car and benefits 


ENTREPRENEURIAL FINANCE DIRECTOR 


KENT 

c £25, (XX) + car + bonus + relocation package + equity participation 


Lydd Airport has recently been acquired by a 
new operating company supported by 
substantial backing from a leading City based 
Venture Capital organisation. Plans are in place 
to develop and expand the site with a view to it 
becoming a major airport complex offering a 
variety of auxiliary airline services, in addition to 
Aircraft Chartering and Sales activities. 

There is an immediate requirement for a 
Finance Director to join a s mall executive team 
in a high profile role. Working closely with the 
Manag ing Director this role will have si gnificant 
impact across several areas including 
mainstream finance, computer selection and 


installation, tax, treasury and Strategic planning. 
Due to dbehi^dytesponrible nature of this 
position the successful applicantrwillbe expected 
to become heavily involved in third party 
negotiations and feasibility studies instr umental 
in detmuming the group's future development. 

Applicants should possess a recognised 
accountancy qualification together with a 
background in an industry connected with 
aviation. The likely age range is 30-35. 

For further information please telephone Ned 
Gillespie on 01-930 7850, or ahmikfaely write, 
enclosing brief details, to the address below: 


ROBERT ♦ WALTERS ♦ ASSOCIATES 


RECRUITMENT CONSULTANTS 
66-68 H^ymaricet ' London SWIY4RF Telephone: 01-930 7850 


Whitbread, a 46,000 employee, £15 bflHan 
turnover business, is now strong portioned in 
three principal activities - brewing and 
whol esaling, retailing and leisure, and wines and 
spirits. The company is profitable and well 
structured in both organisational and financial - 
terms and divided into diviskms/conqjanies. 
Although most of its revenue is earned in the 
UK, There are substantial and growing 
operations in North America and Europe. - 
Traditionally, Whitbread has been consistently 
successful in developing its own talent. In the 
financial function, recent internal moves both, 
centrally and in die operating businesses, leave 
the company with some gaps in its succession 
plans for key financial roles in the company. 

This has led the Group ControDer to seek two 


or three talented and ambitious young, 
rtrar tqrefl to fill some challe n gi n g 

roles, either in the Centre or the Divisions. 
The type of individual we seek should have 
seve ral years post qualification commercial 


(or equivalent) level but seeking die wider 


pe d igre e can offer. Specific experience in the 
fm eg, retail and leisure sectors would obviously 
be useful as would overseas and acquisitions 
exposure. 

Spt yriffi? on offer are Hghly flexible in the £25.000 
to £35,000 range and other benefits are very 
attractive. For aninitial discussion, please send 
a full cv including current salary derails, quoting 
reference W/3468, to. Mike Smith. 



Agec.25 


\bung AC A 

c.£20,000 + 


A unique opportunity to become the tint Assistant 
Financial Controller in a rapidly expanding PLC has 
arisen. The firm Is already a leader in the provision of 


Ideally this challenge will suit a young newly qualified 
chartered accountant from a medium sized practice who 

is now ready to join a dynamic expan ding company 


high quality financial services. Head Office Is in the West Experience should preferably Include consolidations and 

End. tax with some DP knowdedge^The ability to communicate 

_ , . _ . „ . on financial matters accurately and dearly is essentiaL 

Reporting to the Financial Controfleiv the new man or . „ , : 

woman is to be response far financial and Salary fa negotiable around £20,000. A car will be 

administrative' support, with provided. Prospects depend upon performance and 

emphasis on producing prompt future profitable growth, 

manageme nt Info rmation and special ■ tfHpV Please send fuScareet details to 

Investigation reports. Ritureplanr R_ N.Onv stating If hi confidence, 

include Head Office computerisation, fy 8 ^.31 quoting reference M3301, or 

and expansion by acquisition. . _ , telephonefor a farm. 

Man agement Consultants _ . 

12 NawBurHo gton StreetLondon W1X IFF TekphoneOl-439 6891 


Financial 

Director 

designate 

c £25,000 pa plus car 
Leeds 

Our client is Andrew Page Limited, for more than 
forty years a well-known family owned Company 
with a thriving Yorkshire business distributing high 
quality automobile parts and components. 

Their plans for further profitable expansion have 
created a vacancy for an experienced Financial 
Manager with the potential to be appointed Financial 
Director by the end of 1987. 

The successful candidate will be responsible for 
managing the accounting and information systems 
of the Company and its branches and will be 
expected to contribute skill and enthusiasm to 
corporate business strategy. 

Candjdates must be well-educated, professionally 
qualified and able to demonstr ate technical and 
managerial competence in handling computerised 
systems in a competitive and customer conscious 
environment. 

Applicants living within commuting distance of 
Leeds should write quoting reference 1494 with a 
daytime telephone number and a current CV 
including present salary to: 


Accounting Manager 

International Music Business 




Warner Elektra Atlantic 

Central London To £30,000 + Car 

WEA International Services Ltd provides financial and administrative services 
to WEA International Inc. (a U.S. based company) and its twenty-four affiliated 
subsidiary c nmpaniw and numerous licensees. The affiliates and li c ens ees conduct their 
business in virtually every major country in the world excluding the U.S. 

The environment is characterised by the high natural pace of the mask: industry, the 
international nature of the activity and a highly developed data processing system 
utilising the best of modem systems and commimicatioDS technology. 

This post is primarily responsible far royally, sales and accounting reporting, 
responsible to the Vice-Presidait Controller. Through departmental managers you 
would be responsible few a total staff of up to fifteen. The role would involve some travel 
bothtotheU.S.andelsewbercmthewtnid. 

We would like to talk to tpialifted accountants in their thirties who could bring to the 
role both proven technical capability in a sophisticated finance function, wdi developed 
leadership skills and a mature business appreciation. You need not necessarilyhave 
previous experience in a U.S. multi-national nor in a fast moving consumer business. 
On the other hand you do need to be an individudafhigh calibre who can be effective in 
an environment, such as this, where the achievement o ' agreed goals is paramount. 

My client offers a highly competitive range of emptoyment conditi on s. 

Applicants of either sex should apply in confidence to Michael Johnson on (0962) 
53319 (24-hour service) or write to Johnson Wilson & P&rtners Ltd., Clarendon House, 
Hyde Street, Winchester, Hampshire S023 7DX quoting ref. 755. 


Johnson Wilson & Partners 

Management Recruitment Consultants 


8 The British Printing & 

Communication Corporation pic 

AUDIT AND BUSINESS REVIEW 

The British Printing and Communication Corporation pic, one of the lead- 
ing companies in lhe UK with expanding global interests, Is establishing 
positions based In London and Oxford to monitor and advise on perform- 
ance, systems, financial control and operational efficiency. Applications are 
invited for the following positions: 

GROUPHEADOF AUDIT c£30,000 + Car 

The ideal candidate will be a qualified accountant aged around 35 with 
major professional firm and post-qualification operational audit experience. 
He or she should possess the strong leadership qualities required to estab- 
lish an effective and respected professional team and have the ability to take 
a commercial approach to a variety of assignments. 

SENIORAUDITORS To £25,000 + Car 

-* Candidates aged up to 30 win have trained in modern auditing techniques 
either within the profession or industry and will possess an analytical and 
enquiring mind. 

-All candidates should have the technical skills and presence necessary to 
operate at senior management level and the ambition to pursue a growing 
career path. They should be prepared to undertake travel within the UK. 

Please reply in ponfidence with full curriculum vitae, including details of 
current remuneration and a contact telephone number to D.E. Shribman. 


3TT7TTTT7; 


BinderHamlyn 


MANAGEMENT CONSULTANTS 
TrewT Austin, Eranrow Setecwn Dn*aon 
Gmfei HanOfn Maragenwfl tanfeun 
8 St Bride Siren London EC4A40A 


COMMERCIAL DIRECTOR 

Fashion £25K 

Qualified accountant having spent time In commerce and 
wishing to put his managerial talents /disciplines to work in 
this well established Co. supplying young fashion to multiple 
retailers in UK, Europe & USA. 

A strong computer-wise manager capable of taking decisions 
and seeing them through, not only of coarse In accounts and 
management info, but in monitoring and taking responsibility 
for the operational side of a business, heavily dependant upon 
its computer system. 

The opportunity to take hands-on. control under the guidance 
of a willing BCD has potential rarely offered within a private 
company. 

CV to: Ma na g in g Director 

EXPERIENCE CLOTHING CO LTD 
76/78 Mortimer Street, London WIN 7DE 


THAMES TELEVISION 

OPERATIONAL AUDITOR 

London based c. £22,000 + car 

Thames Television, the largest programme contractor to the Independent Broadcasting 
Authority, Invites applications for this important new function from computer literate Chartered 
Accountants with internal audit experience. 

In addition to operating the ISA's London weekday franchise, Thames distributes programmes 

world-wide and is increasingly concerned with new developments in satellite and cable television. 

Reporting to the Managing Director, you wili be responsible far reviewing the effectiveness ofthe 
Company's systems and of their related internal controls in financial and operational areas, and 
far making recommendations far improvements. The ability to communicate ideas effectively 
and imaginatively Is particularly important 

Please write or telephone for an application farm to: 


I THAMES! 


TELEVISION 


Caroline Odell, Personnel Officer, Thames Television PLC, 
Broom Road. Teddington, Middx. TW11 9NT. 

Telephone: 01-977 3252 ext 2605 

Thames is an equal opportunities employer and we 
welcome aU applications regardless of sex.etftnle 
origin and martial status. 


THE COMPLETE FINANCIAL SELECTION SERVICE 

Vernon House, Sicilian Avenue, London WC1 A 2QH.Tel: 01 -83 1 2323 


Accounting in the City 

Onager to£25ffl0+ bgpk Deject Manager to£35,000+bank 
beoenn-r bonus 


A progres si ve North European bank seeks a A teatfing North American bwik 

youth ACA. aoed 25-28. with nrnmn firumrtef- ma *? n S a srgrw- 





(o)[Fi| Management Personnel 

V^/ | I R.-'nn.itm.'nt St-lcr a S.>r,r,;h 

* " ^ 10 Finsbury Square, LONDON EC2A 1AD. 














Financial Times Thursday May 14 1987 


i-car 


■ 


International Banking 

C.£25,O0O + Car & Banking Benefits 

This is o high profile corporate role in a major international banking and 
financial services group. The purpose is lo plan, organise and complete projects 
which are out of the ordinary, of high priority in corporate terms and sometimes 
mvojve high sensitivity. There wilt be a particular focus on controls and 
information systems, the qualify of management information and profits. Small 
od hoc teams will have to be assembled ana led. 

' - .. Applicants should fee graduate accountants with 5 years post 
quanncohon experience of large scale audit or investigative work or. with 
relevant experience in a major industrial- or commercial group. Sound 
interpersonal, skills, the resilience to see a project through and the ability to 
preset well ore important requirements. The experience should provide a sound 
base for further advancement. Location— The City. 

Please apply in confidence quoting re£L 300 to? 


Brian H Mason 
Mason &Nurse Associates 
1 Lancaster Place, Strand 
London WC2E7EB 
Tel: 01 -240 7805 . . 


Mason 
& Nurse 

Selection & Search 


Finance Director 


Surrey 


to £40,000 + bonus + car 



This client, a significant dmaion of a 

highly respected pic-, ia an meriting, fast 
saving and dramatically ea^tanding 
ea nanmn e at io o s group of wwnpaTripa 
■With a current t/o of £22m the division is 
a major contributor to the groups 

e xc ep tio n a l profit record. Further growth 
iaantidiatedtlirop^iiaw product 
development and an aggressive 
acquisition policy. 

The role of Financial Director will involve 


Ttrpariwin directing; planning , and 
effecting the future strategy and 
expansion of the organisation in addition 

to wiii l ^ningtiip finiwirial srffpiT g nf fVip 

Imdua • 

Candidates will be qualified accountants, 
aged 35-42, having achieved board level 


piawig anMit wlrfiiw pre fe rably w ithin 

an f environment. Evidence of 

major contributions made so Car ate 
imperati ve as is the ability to display 
strategic thinking within a highly 
commercial environment. 

Please write enclosing full resume 

quoting refi 132 to:- 
Philip Cartwright FCMA, 

97 Jennyn Street, • 

London SW1Y 6JE. 

Tel: 01-839 4572 


Cartwright 

■Hopkins 


FINANCIAL SECTION AND SEARCH 


INSTRUMENT RENTALS 


// v/ 


FINANCIAL CONTROLLER 
DIRECTOR DESIGNATE 

SLOUGH AREA e. £25K + BENEFITS + CAR 

Instrument Rentals (UK) Limited is a subsidiary of US 
Leasing Inc. and is involved In the short and long-term 
rental /leasing of electronic equipment We require a 
Financial Controller to assume responsibility for all aspects 
of the company's financial direction. 

The successful candidate will be a qualified accountant with 
a number of years in a service industry environment and 
aged between 25 and 40. Knowledge of leasing and lease 
accounting would be useful but experience with US GAAP is 
an essential. 

Reporting to the Director and General Manager it is envisaged 
that the position will lead to a board appointment. 

In the first instance please send curriculum vitae to: 

Mrs Karen Young 

INSTRUMENT RENTALS (UK) LTD. 

Dorcan House, Meadfield Road 
Langley, Slough, Berkshire SL3 SAL 
Tel: 0753 44878 


MANAGEMENT CONSULTANTS 

FINANCE SERVICE INDUSTRY 

- J £25-30,000 + CAR 


We are retained by the Banking and 
Financial Services group of a major 
Management Consultancy practice whose rapid 
business growth has resulted in the need to 
recruit outstanding candidates as Consultants. 

In this challenging role you will advise an 
impressive international client list on a broad 
range of activities, including risk management, 
foreign exchange, MIS operating procedures 
and control activities. 

Candidates, aged around 30 years, 
should currently be working in abanUhg,-broking 
or other financial institution environment. You 
should have strong experience in the audit, 
operational or accounting areas and in adefition 


you maybe professionally qualified. Strong 
presentational skills and excellent analytical 
“problem solving” abilities are essential, as are 
numeracy and computer literacy from a user 
standpoint Candidates with previous consulting 
experience, either internally or extern aHy will be 
jpven priority. 

Interested candidates should contact 
Sarah Beaumont on (01) 629 8070, or send a 
detailed curriculum vitae quoting Ref L203 to 
her at Slade Consulting Group (UK) Limited, 
Metro House, 58 St James's Street, London 
SW1A 1LD. Afl appScations will be treated in 
the strictest confidence. 


London * Melbourne - Sydney • Brisbane * Adelaide - ftortti * Auckland * Christchurch 


SLADE CONSULTING GROUP (UK) 


Investment and Financial Controller 

City Salary c£50K + Car + Equity Participation 


Our client is a 'well founded technologically based Group backed by a leading City Institution, which 
has been established to develop and commercially exploit a range of advanced technology products and 
processes for selected UK and Overseas markets. 

The Company now wish to appoint an Investment and Financial Controller to enhance and monitor 
existingfinancial and management reporting, and to participate in the acquisition and development of 
further companies and products. 

Reporting to the Chief Executive, this appointment represents an outstanding opportunity for an 
innovative, entrepreneurial businessman who will be a Chartered Accountant aged between 35 and 45. 
In addition to executive duties the appointed candidate would be expected to be available to serve on the 
Boards of certain subsidiary companies. 

Experience in a corporate development role either in industry or the City coupled with a familiarity 
with the techniques of investment appraisal is essential. Some working knowledge of the handling of 
Government related projects is desirable. 

Interested candidates should send a detailed CV including current salary to Don Day FCA quoting 
reference LM879 at Spicer and Pegler Associates, Executive Selection, Friary Court, 65 Crutched 
friars, London EC3N 2NP. 

Spicer and Pegler Associates 

p Executive Selection 




CONTROLLER 

NORTHWEST C£20,000 + PROFIT BONUS + CAR 

Our dtent is a substantial manufacturing business that has undertaken major capital 
investment to increase production and profitabSty. Backed by a -public group, die 
. subsidiary now needs a hIgh*caHbre Accountant with the technical abffity, strength of 
personality and commercialism to help the bu si ness grow rapidly with the support of 
strong financial controls. 

Reporting to the MD. and part of the executive team you will be given an excellent 
opportunity to prove your worth very qulddy. Initially, you will be expected to assess 
current systems, r epo rti ng procedures and staff - before implementing improvements 
. where necessary. Tte resuk of thte review wQl be to provide a meaningful management 
repor ti ng package that interprets performance ip depth. Additionally, your manufactu ring 
experience wig enable you to develop the present costing and computer systems. 
Apart from these priority assignments, your medium-term Objective wf& be to bring 
increased professtonafism and effec ti v en ess to accounts administration, budgeting cash 
management and the financial input to ta cti c a l and strategic commercial decision* 
making. 

Good communication skffis. a strong but flexible personal style and natural drive wffl be 

essential to succeed in ihisfast-mOTing and de m a nd i n g emrironmenL 

Thisis an Weal No. 1 position for a Qualified Accountant, possibly a graduate, aged 28-35 

who can already dem o n s trate a successful track record within a manufacturing 

envir o nment. 

fVospects and conditions of employment are excellent 

Haw contact Tawienin Bametr nr fTniffrr ffanmp fn frnrr MtnrfirrtTT rrfftnr iprtfrf 
xe£ BBB7L 


Trident House, 
31-33 Date Street, 
Liverpool L2 2HF 
Tel: 051-236 9373 


ASB RECRUITMENT LTD. 


Eagle Buildings, 
64 Cross Street, 
Manchester M2 4JQ 
Tel: 061-834 0618 


c£20>000+car 


OurcBertlsa m^orUKpthfidy quoted 
group with atostartialtoterestein the retafl ' 
sector. A dominant torcein Us market-ptace 
the groip has an impressive feooid of 
sustained growth antf is forecasting cortinting 
expansion in both.tumovur and profitably. 
Ba9edV\festofLc»Td«^ 

joinaWghprc^marragemertgroi^ 

responsible for the devtfopmert, 


business information. Managing a anal 
department, he or she wffl 
review and analyse 
management acGountR 


prepare short tom forecasts, develop support 
systems and carry out a range of ad hoc 
projects. The growth of tee group should lead 
to rapiefly increased responsibly and provide 
considerabta promotion opportunities. 

Aged 26-30, applicants should be quaffied 
accountants with proven co m me r ci a l 
experience ideally gained in an fm&g. 
environment 

Please writer enetoatogacawerts a tey 
history and daytime telephone 
number, to David Hogg FCA 

reference H/595/GF 


Management ^ 



Central London 


c. £18,500 + Car 


Lloyds Bowmaker is the financial sendees subsidiary of the Lloyds Bank 
Group, employing over 3,500 people and providing a comprehensive range of 
credit and leasing services to commerce^ industry and the individual 
customer: 

The Group head office is based in Central London and we are looking for a 
Planning Accountant to join a small professional team within the Corporate 
Planning -f>Apqf tTnf»r>t . 

You •mil provide a comprehensive financial service to die Department and 
contribute to its growth and success. You will be responsible for the financial 
analysis of strategic plans and profit forecasts, the development of “what if* 
models, as well as cost analysis and ad hoc projects. 

You will be aged 25+ and be fully qualified ACCA or ICMA. Experience of 
financial modelling on main-frame or RC. essentiaL Experience of the financial 
services sector advantageous. A logical analytical approach and good 
communication skills are essential, as is die ability to work under pressure 
whilst producing high quality accurate information. 

The benefits package is excellent and includes mortgage subsidy and private 
medical cover Promotion prospects are excellent 
Please telephone for an application form or send In full GY, including 
salary details, to: Teresa Bailey Personnel Officer Lloyds Bowmaker 
Limited, Finance House, 9/13 Grosvenor Street, London W1X 9FB. 
Teh 01-491 3236, ext 286. 



Lloyds 

Bowmaker 


125 H,oh Meibom London WC 1 V 6QA Selection Consultants 01-405 3-199 



ANALYST 


.British Aerospace PIC has recently moved their Headquarters to 
prestigious new offices in The Strand. 

It is in this professional environment that we are recruiting an 
Investment Analyst within the Finance Department to assume key 
responsibilities in the critical review and evaluation of investment 
proposals, including multi-million pound projects. 

Working in a closely-knit team of four, your main objective will be to 
ensure that the Company's major investment decisions are financially 
viable, based on sound business assumptions. 

A qualified accountant, in your late 20’s or early 30's, you should be 
a fluid communicator with a minimum of 3 years' relevant experience, 
with exposure to senior management in a large international organisation. 
Your experience will include knowledge of similar business operations, 
investment appraisal techniques and an up-to-date knowledge of financial 
practices. 

in return, the position offers excellent long-term career 
opportunities, along.with a competitive-salary and the kind of benefits 
package you'd expect from one of the country's leading companies. 

To find out more telephone or write to Alexander Sneddon, Senior 
Personnel Officer, British Aerospace PLC. Corporate Headquarters, 
BraoWandsflbad, Wfeybridge, Surrey KT130SJ. Tel (0932) 53444 ext 3945. 


BRITISH AEROSPACE 


A 



Financial 

Controller 

To £30,000 

+ non-contributory pension 

Central London 


Our client is The Wellcome Trust, internationally 
known for its funding of research into human and 
veterinary medicine and the history of medicine. 

it intends to support its scientific objectives with up- 
to-the-minute business and financial administration 
that reflects its responsibility for safeguarding 
substantial assets and investments. 

This calls for the appointment of a professionally 
qualified Financial Controller to monitor investment 
performance and to manage the finance and 
accounting function. 

The job requires significant experience in both areas 
as well as a mature, sensitive and assured approach in 
keeping with the style of this prestigious organisation. 
Applicants from the London commuting area should 
write quoting reference 1493 with a daytime 
telephone number and a current CV including 
present salary to: 


MANAGEMENT CONSULTANTS 

Trevor Austin. Executive Sefenion Division 
Binder Hamlyn Managemera Consuhans 
8 St Bride Street, London EWA4DA 



ACCOUNTANCY 




5™ FLOOR, ELDON 

STREET, LONDON, 

EC2M7LA 


CAPITAL BUDGET AND CONTROL ACCOUNTANT 
£ 20,000 plus big 4 banking benefits 

Qualified graduate with extensive financial experience, with a 
knowledge of Capital Investment* required for e progressive inter- 
national division. 

Benefits include: Mortgage Subsidy, profit share, annual bonus, 
overtime and pension. 

COMPANY ACCOUNTANT No. 2 £11000 

ACMA [Graduate) required for vary prof! table hi-tech market 
leaders. Rapid'y expending Company/Dept. 

Benefits include; Gone roue bonus bi-snnually, family BUPA. share 
option. 

FINANCIAL CONTROLLER (FJ>.) 

£22,000 plus 1QL Granada plus bonus 

International Light Engineering Company. T/0 £7nt, seek AC ' 
(ACCA). Responsibility for company secretarial duties and super- 
vision of 10 staff. 

Benefits include: Co. csr. BUPA. pension, 25 days halide-, 
expenses and excellent prospects to F. D. 

For these and other positions, pleaca contact Howard O'SIf • 
or David Fetors on 01-838 2883 or write t«* t 1 -*- 

KM5 ACCOUNTANCY DIVISION. 

SOi Floor. 18/25 Eldon Street. Lon Eton EC2M 7LA 

Hesiar Management Services Limited 












Financial Times Thursday May 14 1987 


Financial 

Controller 


Circa £20,000 + Car & benefits 


West End 

c£ 35,000 + car 


DEPUTY GROUP TAX 
MANAGER 


An expanding Freight Forwarding Company 
near Heathrow requires a qualified 
accountant. 


This client is a leading retailer, with 
international interests. Due to 
promotion there is a requirement for a 

qualified accountant to join the Group's 
frpflfi nffigp anij to r ^nnag p a gmall 


The successful applicant will have previous 
freight forwarding experience and will be 
required to produce monthly management 
accounts as well as managing the accounts 
department 


Good career prospects. 


Applicants should send full details to The 
Financial Director. 


Write Box A0525, Financial Times, 10 Cannon 
Street, London, EC4P 4BY. 


This role, within an informal but . 
highly successful environment, will 
involve considerable liaison with the 
main board and subsidiary senior 
executives. The individual will be 
responsible for the group accoirotiog 
function, the appraisal of subsidiaries' 
performance and commercially biased 
projects cm an ad hoc basis. 
Candidates should be qualified 
accountants, with the ability to 
communicate effectively, have ah 
analytical and a practical approach to 
•’problem solving. Age i ndicator 2S-34. 


The group seeks to expand by 
internal organic growth coupled 
with acquisition both in the UK and 

overseas. Thus they are able to offer 

good career projects and attractive 

TgrnT Tpr< rft t y>n pprVagft incl uding 

share options. 

Please write enclosing fall resume 

quoting re£ 131 to: 

Nigel Hopkins FCA, 

97 Jer myn S treet, 

London SW1Y 6J1S. 

TH* 01-839 4572 


West London cJ£30,000 + car and benefits 


Cartwright 

ill Hopkins 


FINANCIAL SECTION AND SEARCH 


1 1 THE BIGGEST 1 1 
CH AT. TEN GE OF TOUR 

CAREER 


ACCOUNTANT - Basingstoke 
£15,000 plus car 

Reporting to die Financial Director; 
responsible for cost and manago- 
mejTJ accounting- IdssJ applicant 
should be fully qualified with two 
years. +, axparisaeo. 

Call Paulina Godley ae 
MERIT RECRUPMENr 
on «RSn 471508 


Thom EMI pic is a major manufacturing and service group with exten- 
sive^ UK and overseas operations. - 

The Group Taxation department is about to relocate to West London 
aiyj a deputy is required to the Group Taxation Manager. Primary areas or 
responsibility will be UK cotpocation tax, the taxation or the company* 
overseas subsidiaries which number some 150 in 38 different countries, and. 
thy i mp act of overseas taxation on. UK liabilities. In addition to mese specific 
responsibilities the person ap po inted will deputise for the Group Taxation 
Manager in all other taxation areas. 

Prefe r red applicants for this position, will have at least five years UK 
corporation tax experience with a significant level of overseas taxation, 
involvement. The ability to explain taxation matters to senior ma n agem ent 
of s ubsidiar ies is essential as is die ability to organise a wide range of diitenng 
problems. 

This is an id ea l opportunity to gain in-depth experience with a multi- 
national organisation and would suit somebody from a professional office, 
another multi-national at a slightly lower level or from die Inland Revenue. 

In the first instance please send brief personal and career details to 
Douglas G.Mizon quoting ref, W157M at Ernst &. Wbinney M anag e m ent 
Consultants, Becket House, 1 Lambeth Palace Road, London SE1 7EU. 


Ernst &Whinney 


INFORMATION SYSTEMS ACCOUNTANT 


DIRECTOR OF FINANCE 


Salary negotiable 


As the Director of Finance is retiring, we are 
seeking to appoint a successor at a critical time in 
the Borough's history. 

The Director plays a key role in enabling Camden 
to expand and maintain its programme of 
wide-ranging and imaginative services. The 
Co unci] has long had the reputation of being one 
of the most forward-looting and progre ss ive 
authorities in the country. Situated in Central 
London, Camden is a Borough of considerable 
contrasts. Whilst parts of it are thriving and 
dynamic with a large commercial sector; other 
parts suffer the deprivation » often found in our 
inner dries. It therefore presents a major 
challenge, particularly as the Council is 
experiencing the third year of ratecapping. 

The role of the Finance Department is to enable 
the Council to fund its activities and provide the 
mechanisms for the effective financial manage- 
ment of service delivery. The Director must 
ensure that the Department undertakes this role 
successfully. Therefore, she or he will need to 
possess, and be able to use effectively, a wide 


range of highly developed management skills. 
Particularly, they wil] need to be innovative and 
sensitive to die competing needs of service 
committees and departments, and to .corporate 
policy, when providing financial advice to the 
Council. 


hut a people person too! 


c.£ 25 , 000 +car 


London based 


Camden has a strong axnmitment to achieving 
equality of opportunity, both in employment and 
service delivery. Our latest workforce survey 
shows considerable under-representation of 
black and ethnic minority employees, women 
and empfoyees with disabilities in top management 
and professional posts. It is our intention to 
redress this underrepresentation. 


Full details of the post, including the criteria to 
be met, the timetable tor making this 
appointment, and application forms (returnable 
by 29th May), can be obtained by telephoning 
Martin House, Controller erf ftrsannel Services 
on (01) 3 88 2484 ext 2500. Or write to him at 
141 Euston Road, Camden, London NW1 2LL. 
Please quote ref no. 2/508/FT 


Our client is one of the world's largest and most successful financial services 
groups. This newly created position has been engendered by the continuing 
need to meet the information requirements of each of the profit centres within 
this wholly professional organisation. We are looking for a qualified accountant; 
probably mid twenties to early thirties, who crucially has experience of large 
scale Information Corporate Planning Systems, as well as exposure to project 
implementation. Flexibility and the ability to hold the confidence of a wide 
ranging level of end users is equally important Career prospects within the 
company are supferb and the basesalary is generously augmented bya benefits 


career 


details to Malcolm Lawson, quoting reference LI 7077. 


EQUAL OPPORTUNITY EMPLOYER 
Applicant, are conddend on the ban, of their saitabUity for 
the post, with equal opportunities for women, blackjeibnic 
minorities, lesbians and gey men and people with disabilities, 
end regardless of marital stahu, age, cnesi/ religion and un- 
related criminal conviction. AU posts are open for job-sharing. 


13/14 Hanover Street, London WIR 9HG. Telephone 01493 5788. 


vices 


Link international Search & Selection Ltd. 


Financial Controller 


(FINANCE DIRECTOR DESIGNATE) 


ASSISTANT 


Chief Accountant 


Central London 28-34 To K25 plus package 


Our client is an unquoted consumer products company, with £4m turnover. 
A qualified accountant, ACA.ACMA or ACCA. Is needed to war* closely 
with the Managing Director. Tlie key role is to have a significant influence 
on profit and cashflow and take full responsibility for all financial matters, 
including Uiq tunning of the accounts department. This requires someone 
with o shirtslMva approach and a commercial outlook, who wants to be 
thoroughly involved in the buslnoaa. 


TRI 


Information Technology 


Previous experience ea e Financial Controller of a successful family 
business, is preferabls. Alternatively, a management accountant able to 
demonstrate the ability to have an Impact on profit and cashflow will bo 
considered. A working knowledge of financial computer systems is essen- 
tial. 


who can handle high finance 
Starting with circa £24,000 + car city Based 


W. London To£23K 

An autonomous and highly successful subsidiary of a major British enterprise, 
our client; designs, manufactures and markets a range of- sophisticated 
falecommunkstionsftxxnputBr equipment Turnover is c£30m generated through 
many customers in the City and other expanding markets in the UK and 
overseas. 


The significant remuneration package includes e futty expensed car and 
tho opportunity to earn generous contribution misted rewards. 


Pleeso reply outlining why you era relevant (stating reference LCK/K10) 
with a CV. current salary end daytime telephone number to: — 


Leslie Kuelshelmer 

Acre House, 69/76 Long Acre, London WC2E 9JW 



LIVINGSTONE FISHER 
ASSOCIATES LIMITED 

Management Consultants 


Financial Accountant 


£18,000 per annum 


A leading Architectural Practice in London. Wl, require a 

recently-qualified chartered accountant. Ideally seeking their 
first move into the commercial environment. 

The successful candidate will he responsible for maintaining 
financial and accounting records for the Partnership which 
will Involve consolidation and Interpretation of information 
from many sources. 

Please apply, giving full details of previous experience. 

Write Box A0523, Financial Times 
10 Cannon Street, London EC4P 4BY 


The National Home loans Corporation is a young, dynamic company 
which is already enjoying tremendous success in the residential 
mortgages market. 

Our record of growth and profitability is unrivalled —and we have big 
plans for the future. 

We now require the services of an ambitious Assistant Treasurer/ Dealer, 
four task win be to support both the Divisional Director Treasury and the 
Deputy Treasurer by taking over the task of dealing on the money 
market You will also operate and develop the department's reporting 
systems and other functions. 

This is a key area of the company, where results count you will possess a 
professional qualification, TV level Maths, and at least two years' 
experience in a corporate treasury department banking or accountancy. 
You wiu also need the ability to act on your own initiative and apply good, 
sound judgement 

m return, we offer a good remuneration package aid career prospects 
you would expect from one of, the fastest growing names in financial 
services. 

so w You're aged 27-w and have what it takes to handto Mgh 
finance, write now with fun details of your career and credentials, 
to: Peter ward, Personnel Manager. The national Home Loans i 

Corporation pte, st. Catherine's court, He r bert Ro a d, so»iuig9S3Qg. J 


Increasing volume of business has created the need for a Chief Accountant to 
take control of the financial and management accounting functions and develop 
systems to meet the needs of a growing company. This is an important new 
position reporting to the Financial Director and deputising for him when required, 
supported by qualified and experienced staff. 


Candidates must be qualified accountants who have gained management 
experience in a commercial environment and possess the ability to innovate and 
take an active part in the development of the business. Preferred age range is 
28-45. Prospects are excellent 


Please apply with cv quoting ref: 312/3/FT to Mike Cross at Charles Barker MSI. 
30 Farringdon Street, London EC4A4EA. Tel; 01-634 1143. 


CHARLES BARKER 


SELECTION- SEARCH -ADVERTISING 



Accountancy Personnel 

PladngAccoarrterfe first 


EXECUTIVE JOBS 


IF YOU EARN OVER £25.000 PA AND ARE SEEKING 
A NEW OR BETTER PAID JOB 


-In ths accountancy or financial field our team of consultants, 
all of whom have bad managing director I aval an parlance, can 
ha!p you 

Cur sueeMStuI Exacutius Action Plan helps you find appoint- 
ments quickly and discreetly, particularly In tbs unadvartlosd 
vacancy area. 


Contact us for an exploratory meeting without obligation. If 
you are currently abroad aek for cur Executive Expat Service. 
22 Savile Row, London, Wl. Tel; 01-734 3879 (24 hours) 


■ . Con/un/eht 


I ACCOUNTANCY 


Mb Boo* 18-25 Eldon Street 
London EC2H TLA 


SYSTEMS ACCOUNTANT 


West London c. £20,000 + Benefits 

Our client, a dynamic, rapidly expanding PLC in the ELECTRONICS INDUSTRY, 
seeks an ACCOUNTANT to develop and complete the implementation of its manu- 
facturing control systems, en a newly acquired company. 

Applicants, preferably C.I.MA, should have experience In a highly computerised 
manufacturing environment and have the communication skills necessary to enable 
them to liaise effectively with senior managers in other departments. 

Initially this will be a hands-on role in a SUPERB. MODERN HIGH-TECH ENVIRON- 
MENT with the opportunity far rapid advancement In scatui and responsibilities. 

In the first instance telephone 01-638 2683 or write to Trevor Dawes at the above 
address enclosing your C.V. Ail replies will ba treated in strictest confidence. 


Hestair Management Services Limited 


International 
Financial Controller 


West London 


c£30,000 4- Car 


Ourdferj aUS multi-national is creating an exceptional new 
oppQffa nfty for a sottmotivated individual to co-ordinate effective- 
eoriMdf^. r manufacturing units within Europe, South S 


Accountancy Personnel 
Hodford Housa, 

Suite 24, 

17-27 high Street, 
Hounslow, 

Mddhsa>& 

TW31TA 
Tel; 01-670 1616 


Pr^osv. comro. and 

commercial sectors. Whilst oversees travel is s nmiai * 
foreign language Is not essential. P^iwjuWta, a 


reenuneretton package is offered to the successful 









* ?i v i • 

■ ! v a 


...•*} ft 

'* --- • 






I i 


Financial Times. Thursday May 14 1987 


Financial Controller 


South East 


Stockbroking 


c. £25,000 + car 


bow owned by a DJC. Merchant Bank, seek an ambitio ns 

recently qualified Chartered Accountant- preferably wifii a 


Fntnre prospects are exceptional and ft is envisaged that eady 
success in this position will be rewarded with Director status. 

Please repfylo Esh Colewilh details of age, career and salary 
progression quoting reference 5001/PT 
on both envelope and letter. 


reqnlfHnenls of both the Rgnlr ttpgnlam ry An thnrittes , 


— : — Management Consultancy Division 

P.O.Box 198, HUignto Hous®, 28 Ofd Bailey.London EC4M7PL 


Hoggett Bowers 

^ Executive Search, and Selection Consultants 

BBomam Basnx, cum; Glasgow, beds, L oam autassm MmAsrKmmtsKmsBmaotmdinasn 

Finance Director 

High Volume Industrial Consumer Products 
North West, c £22,000, Car, Benefits 

A £ 12 m turnover subsidiary of an acquisitive international group requires a 
"Finance Director who will provide positive financial control through a period 

of industrial consumable products through a national network of distributee. 
As part of a committed and enthusiastic management team and reporting to the 
Managing Director, there is responsibility through a department of 40, 
including DP, for the total accounting and administration function. Tbs 
Company is currently in tha process of changing its computerised accounting 
■ systems and applicants should have experience of systems implementation. 


Appointments 

Wanted 


FINANCE MANAGai/FMANCIAI. 
ADVISER /CONSULTANT 

High calibre UK qualified Arab 
notional with exienalvo Financial 
Uonagamont oxporianca. Good 
knowfodgo of oil Jndun/y and oiR- 
atandlng record at acnlavBmWn. 
Excellent nefloUMlflff (kills. S sales 
Interesting position prefers Wy to ba 
baud in Europe with travel to 
Middle East. 

Writo Box A05T7. Financial Timas 
TO Cannon St, London EC4P 4 BY 


FINANCIAL CONTROLLER 


Catwick circa £30,000 p.a. + Car 


..Arthur 
Andersen 


Our client is an air broker and freight forwarding agent, the subsidiary of a 
major American airiine. The operation has grown steadily over the last five 
years and turnover this year will exceed £30 million. Currently 60 staff are 
employed. This continued expansion now necessitates the appointment of 
a Financial Controller. 

This is a senior management position reporting to the Administration 
Director. In addition to managing a comprehensive and effective Finance 
function, the person selected will also be required to prepare and 
implement a systems design plan and installation strategy. 

The successful applicant, mafe or female, will be a qualified accountant 
with in-depth experience of financial and management accounting, tax 
planning and MIS. Preference will be given to graduate Chartered 
Accountants. The key requirements of this role are a practical approach and 
the ability to achieve results through others. 

Remuneration will be in the range indicated above and a profit related 
bonus will be introduced after 12 months. Other benefits include a company 
car and, after a qualifying period, concessionary air travel. There is excellent 
scope for further development and promotion. 

Applications in the form of a detailed curriculum vitae should be sent to 
the person below quoting reference 87/01/05. Replies will be reviewed by 
our client so please list, in a separate covering letter, any companies to 
whom your application should not be forwarded. 

R. PAUL RUSSELL, 

ARTHUR ANDERSEN & CO. 

1 SURREY STREET, 

LONDON, WC2R 2PS. 


systems and a 
Candidates wi 


qualified FCMA/FCCA, aged S&-45, alreac 


lamentation, 
r working at 


Director or Controller level with significant experience in a manufacturing 
environment. They most be totally familiar with standard costing systems and 
able to demonstrate excellent management and commercial skills. 

R. Webster, Hoggett Bowen pic, St. James's Court, SO Brown Street 
MANCHESTER, M2 2JF, 061-882 3500. Refs M17005/FT 

Financial Director Designate 

Lincolnshire, Package To £20,000, Bonus Opportunity, 
Car, Relocation 

This is an opportunity to become involved in a greenfield manufacturing 
situation. The client is a newly formed subsidiary of a diverse private holding 
group and is embarking on the establishment of a ~ L ' " ' * 

comp any ^the products being high value processing plant sold Into world 

in 




budgetary, control in a botch production environment. This is a fully 
accountable rede with group reporting requirements. A full board appointment 
is envisaged in the short term. The benefits include a substantial bonus 
opportunity and full relocation assistance to an attractive area. 

PJL Adderley, Hoggett Bowen pic, 7 Lisbon Square, 

LEEDS, LSI 4LZ, 0532 44800. Ref: L11013/FT 

Financial Controller 



• ■ /v. ‘ V ' • 'Vs. • • • "7 *‘ rl r ' 



Manufacturing 
Bath/Bristol Area, 


c £18,000, Bonus, Car 

ny la part of a major international group and 


provides a top- quality range of products to UK and European markets. Hie 
■ group is highly successful and; cos’ substantial plans for future expansion. The 
post of Financial Controller has been created within the UK company due to. 

; V fiw iniMaslng Involvement of the Financial Director in the international 
operation. The position involves, responsibility for all the key accounting 
functions and the control of all accounts stajEf. In addition, you will be 
responsible for the development and maintenance of both retrospective and 
-proactive reporting systems. The scope of the job will increase substantially as 
the company expands. You will be a qualified accountant and probably in your 
mid to late twenties. Yon will already have held a substantial accounting 
' position in a. manufacturing company, preferably with some manufacturing 
responsibility. You will ce rt a in ly be ambitious and enthusiastic about joining 
an equally ass&lftous company, with a very exciting future. Terms and 
conditions are highly attractive and include a quality car, together with the 
usual benefits and relocation assistance where necessary to this highly 
' attractive put of the UK. 

C.W. Tbeaker, Hoggett Bowen pic, IS Frederick Road, Edgbaston, 
BIRMINGHAM, BJ5 Ip, 0*1-485 7575. Ref: B12015/FT 

Financial Controller 

Telecommunications 

Greater Manchester, c £16,000, Car 

DEFINITELY NOT FOR THE FAINT HEARTED! Already established in a 
market that is growing at aproUfic rates this telecommunications company 
will continue to grow rapidly both organically and by acquisition. The young 
and dynamic management urgently needs the financial expertise to back up its 
successful marketing skills and is looking for a commercially minded 
individual whose interests go well beyond pure book-keeping. The Initial task 
will be to Formalise and streamline the accounting systems and provide the 
Directors with up-to-date information and advice, but within a short timescale 
the appointee will be expected to fulfil a complete Finance Director's role. 
Cspd}datea 'trill be graduate ACA's, aged 27-33, already with experience 
outside the profession in a pressure environment who ere excited by the 
prospect of becoming^ totally Involved In running tbs business. 

R Webster, Hoggett Bowers pic, St fames 'a Court, 30 Brown Street 
MANCHESTER, M2 2]F, 081-852 3500. Ref: Ml 7006/FT 


■ These positions are open to mole or female ca n d i dates. Please telepho ne for a Personal 
History Form to the relevant office, quoting tha appropriate reference. 


finangial controller 

DOMESTIC BANK 


Placing AccourrfcrrfS first 


Darchem accountant 

T imitoii Darangton 

lilflUllHl Darchem Group Companies design, manufacture and Install precision engineered 

rn. .In. . 11 . rnnui-t- systems and components for the nudear, aerospace and automotive industries The 
^ conp«: ^pgyp has a record of steady growth through acquisition and development of high 

/tonintu^'Peraonne!, quality products and processes fbr these industries. 

Victoria House. Internal promotion has created an opportunity fbr a quafiffed Accountant to bo 

158*163 Albert Road, rwponsfcle to the Chief Accountant at the Darlington head office.*' 

Middlesbrough, Candi dat es, aged 25-35, should possess sound technical skills, experience pi a 

Cleveland TS12P9C manufacturing environment and the ability to develop and apply accounting 

Telephone: 0642 226716L systems to assist management decision making processes. 


Tha Manager, 
Accountancy Personnel, 
Victoria House, 

158-163 Albert Road, 
Middlesbrough. 
Cleveland TS1 2PX. 
Telephone: 0642 226718. 


Darchem 

Specialised 

Mouldings 


Ror further dsta71$,pja3se contact: 
The Manager, 

Acco u n ta ncy Personnel 
Dovey House, 

Casds Meadow, 

Norwich. 

Norfolk NR13BV. 

Telephone: 0603760141. 


FINANCIAL CONTROLLER 

Huntingdon 

Tha recant acquisition by the Darchem Group of Specialised Mouldings Limited of 
Huntingdon extends Group activities into high performance composites and tha 
manufacture of models 'and simulators to the highest standard of accuracy and 
finish. As pan of a aeries of developments to tain the Company to a lasting position 
In the industry, they need to appoint an Accountant to be responsible fbr the 
financial function at Huntingdon. 

A qualified accountant, you should have a least 5 years management experience, 
preferably In a technically based production business, and the ability to forecast, 
monitor and control the commercial and financial results of manufacturing 
dec isi ons. 

For both positions, the Company offiare a highly competitive remuneration package,, 
inducting a Company car, performance related salary progression and where 

appropriate, relocation assistance. 



MANAGEMENT ACCOUNTANT 

Coventry £17,000 + Car 

r - - Our dlent a small but successful sufwidkry of a major manufacturing Pic soaks a 

highly motivated ACMA/ACCA tore newly created role. 


The Manager, 
Accountancy Personnel, 
4a CopthaU House, 

Station Square. 

Coventry, CY1 2PP. 
Tel ep h o ne: 0203 57202. 



Bor further deta3s. pl e ase contact: 
The Manager, 

Accountancy Personnel, 

49 King Street. 

Manchester M2 7AY. 

Telephone: 061-634 8733. 


The position WW Include haatflng up a team of seven staff preparing management 
ac c ounts and InsteWng a sophisticated standard costing system. 

The role reports directly to tha Financial Director and forms pert of a -senior 
management team. Suitable applicants will be 2/3 years post queKfiacf and will 
demonstrate a high level of technical competence. 


BUSINESS ANALYST 

North Wwt £14*16,000 

Our client la a Blue Chip man ufacte ring company with ambitious plans for 
continued expansion. Fundamental to their further success wil be the contribution 
of the Group Planning Department. 

The planning team Is to be strengthened by recruiting an able young accountant to 
play a vital role in the company's strategic planning process; evaluating the 
performance of currant business activitias and investigating potential acquisitions. 
As a co m merc i ally aware recently quaRfied accountant you wiQ ba given the 
opportunity to develop your undoubted communication and Interpersonal sWila to 
die full with this prastigiouB organization. 




ro\W 


Saudi Arabia c.$70,000 with substantial benefits 

controller « required to join die top mana ge m ent 
fwtn nf rfric expanding and oradaminarillv Saudi National domestic bank. He 
will be responsible £k implementing and operating all aspect? of the accounting 
and financial control systems of the bank, induom g financi al planning bud- 
geting, profit analysis, management accounting and taxation* together with the 
extension of the bank’s MIDAS 38 computer based accounting system. 

This demanding appointment calls for a professionally qualified accountant 
^rith experience at senior management level of broadly based retail and comm®* 
banking- Pantfldare a should be fluent in English and preferably have some 
understanding of Arabic. Hie ability to co-ordinate demands of 3 growing 

branch network within a multi-national staffing troviroimient is essential. 

An attractive salary plus a Hill expatriate benefit package is oiferedApplic* 
atfoni to strict confidence with full details of qualifications and esperience 
quoting refi F/317/W should be seat to Paid WagstaffatBrnstSt Whhmey,PO 
Box 9267, Dubai, United Arab Emirates at Douglas G Mizon at Ernst & 
Wbinney Management Consultants, Becket House, J I jim b et h Palace Road, 
London SE1 7BU. 

Ernst &Whinney 


Internal 

Auditor 

£ 16 , 000 pa 

+ holiday concessions + travel 

Thomson Holidays, Britain^ leading tour operator, part of 
the Intern ational Thomso n Organisation has an opportunity for an 
Internal Auditor to provide an independent appraisal of both UK 
and Overseas operations. 

Reporting to the Internal Audit Manager duties will include: 

★ Control audits on systems which are all heavily 

computerised. 

★ Audits on oar overseas resorts. 

★ Preparingauditreportsincluding recommendations for 
improved performance and subsequently ensuring these 
are implemented. 

Approximately 50% of activities will involve preparing, 
conducting or following up a adits abroa d . 

The ideal candidate will be a newly qualified chartered 
accountant considering a first move into commerce and looking to 
progress to a line position within 2/3 years. 

We offer exceflent benefits including25 days annua] holiday, 
generous holiday concessions and LV's. 

Starting salary will be£L6,000per annum. 

• Interestod?Then write toBarbaraGowers, 

Personnel Officer, Thomson Holidays, Greater London House, 
Hampstead Road, London NW1 7SD, with full career details. 


FINANCIAL 

CONTROLLER 

Covent Garden c£2 1,000 + Car 

Over the past 11 years the Rock Garden has 
established Itself as one of the most popular 
restaurants and rock venues in London. 

Building on this success, the company has 
recently restructured following a buy-out by two 
of its major shareholders. They have formed 
a holding company. Rock Garden Group 
limited, with subsidiary companies falling into 
two distinct groups: 

Catering 
Rock Music 

With annual sales odr around £1.5m they are 
now poised to expand both areas of the business 
and are seeking a qualified accountant, with 
experience in a commercial environment, to 
take over all financial aspects of the Group and 
make a positive contribution to its continued 
success. 

In addition to managing the accounting and 
finance function, the Financial Controller will 
be required to undertake crucial financial 
investigations and advise the Board on matters 
affecting the expansion of the company. One of 
the first tasks will be to develop a computerised 
management information and accounting 
system. 

This is an exceptional opportunity for an 
ambitious and dynamic person to join a 
progressive company. The Chairman has 
stressed that candidates must be interested in 
catering, music, marketing and environmental 
issues and, whilst an informal approach is 
encouraged, a high degree of professionalism 
will be expected. 

The successful candidate will report to the 
Chairman and will be expected to join the board 
as Finance Director and Company Secretary in 
due course. 

In the first instance, please write with full 
career details, salary history and daytime 
telephone number to Mandy Davies, Robson 
Rhodes, 186 City Road, London EC1V 2NU. ! 

ROBSON RHODES 


Chartered Accountants 



I .11 lit 


For expanding homes company 

As a result of the growth of the business, a financial 
controller is required for Higgs and Hill Homes, a wholly 
owned subsidiary of Higgs and Hill pic, the international 
property and construction group. 

The successful candidate will head an accounts department 
which is responsible for the complete accounting function 
embracing invoice processing, cost accounting and the 
preparation of management and statutory information. 

Experience of computer based accounting systems and the 
house building industry would be an advantage. 

The Financial Controller will be part of the Homes 
Company Management Team and prospects of progressing 
to the Board of Higgs and Hill Homes are good. 

5iliry by negotiation. Car, pension scheme and usual large 
company benefits. 

The appointment is based in Staines. 

Please reply initially, with a eurrieulum vitae, to: 

]. A. Theakston, Group Finance Director, c/o Group 
Personnel Department, HIGGS AND HILL PLC, Crown 
House, Kingston Road, New Malden, Surrey KT3 3ST 


[HI HIGGS \m)HII.I,| 


Ourfobs am open to persons of either sexand ihis 
advertisement should be construed accordingly 


.. . 








VI 


\ 

Financial Times Thursday May 14 1087 


FINANCIAL & MANAGEMENT RECRUITMENT CONSULTANTS 

Douglas ® Ll ambi as 

LONDON - LIVERPOOL • MANCHESTER • ABERDEEN * EDINBURGH * GLASGOW 



PARTNER 

FCA's 35-42 From £40,000 


YORKSHIRE 


Our client is a ‘top eight" firm of chartered accountants 
seeking an immediate equity tax partner to take responsibility for 
the development of the tax practice. 

Candidates (male or female) will probably already be tax 
partners in a “top 20" firm of chartered accountants or excep- 
tionally be senior tax managers approaching partnership in a 
major practice. Ideally; candidates will have a mixed corporate 
and personal tax background but with a particular emphasis on 
personal tax planning experience and tax practice development. 

Current clients range from multinational pic’s to fast grow- 
ing family businesses, entrepreneurs, Lloyd’s underwriters and 
other hign net worth individuals. 

This is an exceptional opportunity to take responsibility for 
the development of a very high calibre tax 
established tax department wi 
clients. 


: practice heading an 
a very broad range of successful 


A FIRST MOVE 
INTO 

MANAGEMENT 

CONSULTANCY? 

If you are coisidering a first move into 
management consultancy, then: 

♦ Research the marketplace 

♦ Find out about the firms' different 
structures, services and client bases 

♦ Identify what you want out of the 
move 

Wfe have the information and the facts 
you need. Contact us first, get a copy of our 
guide to the management consultancies. Dis- 
cuss the options open to you and determine 
the right course of action to secure you with 
good comparative offers, at one and the same 
time. 

Contact Trevor Atkinson, FCA, en- 
closing a CV at the address below, quoting 
reference number 7665E. 


OUTSTANDING BANKING 
OPPORTUNITIES 
FOR NEWLY QUALIFIED 
CHARTERED ACCOUNTANTS 


CITY 


Up to £25, 0004- 
mortgage benefits and bonus 


For more information, please contact George Ormrod BA 
(Oxon) Director or Martin Purrier ACA on 01-836 9501 or write 
with a copy of your CV plus tax technical CV to Douglas Uambias 
Associates Limited at our London address quoting reference 
number 7665A. 


FINANCIAL & MANAGEMENT RECRUITMENT CONSULTANTS 

DOUGLAS LLAMBI AS 


FILM & TELEVISION SERVICES 
FINANCIAL CONTROLLER 
CITY c £22,000 + benefits 

Twenty five years ago a small team of profes- 
sional film technicians set up a company dedicated 
to the provision of outstanding production faabties. 

Following an Internal restructuring and the 
appointment of a new MD. this organisation is ‘ 
seeking an individual to assume full responsibilities 
for all company accounting and secretarial work. 

Service industry experience and a commit- 
ment that matches that of the existing management 
ream are prerequisites for this position. The appoin- 
tee will be dealing regularly with clients and will 
assist the company in achieving its stated aim of a 
USM quotation. 

Interested applicants should write to Colin 
Vasey, enclosing a comprehensive CV at Douglas 
Liam bias Associates. 410 Strand, London WC2R ONS 
quoting reference number 766SD. 

FINANCIAL A lUNlOCMCM »CW«ITME»T CONSULTANTS 

Douglas <g> Llambias 




Management consultancy recruitment Division 

Douglas <§> Llambias 


\OlN 

Age 25-35 

Essential Requirements 
❖ Ambition ♦ Professionalism' 


Qur client is a leading stockbroker specialising in European equities, 
providing a broad range of investment services on an intematxxial basis. 
Due to rapid expansion, the company is seeking to recruit a number of 
Research Analysts to jean what is already one of the largest European 
Research and Share Trading operations in London. 

Each analyst will be responsible for developing the investment strategy 
for a specific European geographical area. This will include visiting senior 
management of leading public companies and preparing written analyses 
ranging from individual company studies to economic and political com- 
mentary. The role, which is both exciting and challenging, will necessitate 
spending six to eight working days per month abroad. Previous experience is 
not required since comprehensive "chi the job" training will be provided. 
Commercial exposure within this post is exceptional and prospects are 
excellent within other areas of the bank. 

An innovative and self-motivated approach to work is essential, as is 
the ability to liaise effectively with people in a dosely-knit team. Applicants 
should be ahle to demonstrate high academic achievement and exposure to 
public companies during their training contracts. This is likely to be a first 
move away from Public Practice. Fluency in French, German or Italian is 
essential fix: several of the vacancies but openings also exist for non-linguists. 

Written applications, enclosing up-to-date CV stating language ability 
(if any), should be submitted in stria confidence to Peter Green at 

our London address, quoting reference number 7646. 


FINANCIAL a MANAGEMENT RECRUITMENT CONSULTANTS 

Douglas <§) Llambias 


♦ Personality ♦ Sense of Humour 


♦ Recruitment Experience 


Send a CV or call 


0 


SUSAN FARQUHARSON Cjj 


BRUCE PAGE 


now on 


CORPORATE FINANCE 
BIG 8 FIRM 

To £30,000 + car Age: 27+ 

Our client seeks managers to join their 
fast developing and highly acclaimed Corporate 
Rnanoe Department Individuals must be ACAS 
either currently within Public -Practice or the 
financial sector and able to demonstrate a mini- 
mum o Hour years' post qualification experience. 

Day to day duties necessitate dealing with 
full and overseas listings, share platings and 
flotations on both the USM and OTC, raising 
venture capital, organising management buyouts 
and providing general financial advice. 

For further information please contact 
Gary Johnson or Caroline Benton, enclosing a 
copy of your CV to our London office address 
quoting reference number 766SF. 


836 


RECRUITMENT CONSULTANTS 


Douglas <§) Llambias 


BUSINESS SERVICES MANAGER 
SOUTH OF ENGLAND 


ACA’s 28-35 


To £25,000 + car 


Our client is a major international firm of chartered accountants 
seeking to recruit an experienced manager, to lead the newly created 
Business Services Department in a regional office of approximately 100 
staff 

The role will combine substantial client advisory work with the more 
routine accounting, tax and audit services required by smaller private 
businesses. Importance will be attached to the candidates' ability to 
provide the general business advice required by fist growing new 
businesses. The right candidate should be able to demonstrate strong 
practice development skills and be capable of developing a computerised 
accounting and payroll service lor clients of the firm. Our client's presti- 
gious offices are in a city centre location in an attractive part of the country. 

Candidates (male or female) should already be at manager level in an 
equivalent department in a large practice or have trained with a large firm 
and currently be working in a general practice environment. 

The appointee will be of the calibre to justify partner status in due 
course. 

Should you wish to be considered, please write enclosing a CV to 
George Ormrod BA (Oxon) or Stephen Hacket BA (Oxon), Douglas 
Llambias Associates at our London address quoting reference number 
7665G. 


FINANCIAL & MANAGEMENT RECRUITMENT CONSULTANTS 

Douglas (§> Llambias 


C£* 


MERGERS & ACQUISITIONS 

CITY 

Newly Qualified To £25,000 

+ bonus 

As one of the world's Ingest and roost 
profitable investment bonks, our client is looking 
to recruit exceptional individuals into their Mer- 
gers and Acquisitions Department. 

The image of the bank is to be pro-active 
rather than re-active and transactions are 
effected in the domestic market as well as the US 
and European markets. This is an excellent 
opportunity for smart professionals with entre- 
preneurial flair and a charismatic presence. 

Candidates roust be newly qualified Char- 
tered Accountants with an impeccable academic 
background and the ability to act cn their own 
initiative. They must be able to work under 
pressure, be confident in their own ability and 
also possess a sense of judgement. Mergers and 
acquisitions experience would be an advantage, 
but is not essential. 

The base salary will be up to £25.000 with 
a high percentage discretionary bonus, which is 
performance related. Interested candidates 
should write enclosing full CV to Deborah 
Sherry. Douglas Llambias Associates Ltd. 410 
Strand. London WC2R ONS. quoting reference 

mxmber 7665C. 


EXISTING MANAGEMENT 
CONSULTANTS 


LONDON 

♦ BANKING. FINANCE 
& ACCOUNTANCY 

♦ COMPUTER SECURITY 

♦ CORPORATE FINANCE 

♦ EXECUTIVE RECRUTTMENTT 

♦ HOTEL & LEISURE 

♦ HUMAN RESOURCES 


£25,000 -£85,000 

♦ INFORMATION SYSTEMS 
& TECHNOLOGY 

♦ MANUFACTURING 

♦ RETAIL & DISTRIBUTION 

♦ SALES & MARKETING 

♦ STRATEGIC PLANNING 

♦ TREASURY 


Douglas(§)Llambias 


No two mamgemcmt consultary firms are alike. 

The organisation, structure, the quality of staff, the experience 
they offer, vary enormously, as do the financial rewards they offer. 

"VVfe make no pretence, the top salaries quoted are for truly 
exceptional people with the ability and track record to move at partner 
car director level, 'ibu may. want our help in achieving your career 
aspiratkars and a salary of £85,000 or you may just want to see where 
you fit into the marketplace. Ether way we will be delighted to help. 

So in the first instance, write enclosing a CV to Trevor Atkinson 
FCA car Hazel Webber BA at the address below, quoting reference 
number 7665B. 

management Consultancy Recruitment Division 

Douglas (§) Llambias 


Douglas Llambias Associates Limited, 410 Strand, London WC2R ONS 
TELEPHONE: 01-838 9501 ‘ 









Financial Times Thursday May 14 1987 


TO 


<■ A 


vis 




INTERNAnONAL 

MANAGEMENT 

CONSULTANCY 

London/Middle East Attractive salary and benefits 

Success breeds success; it also creates demands. As a major 
firm of management consultants, Ernst Sc Whinney are responding 
to die challenges of an expanding international client portfolio. 
This growth has provided opportunities for additional hi gh 
calibre consultants to join our team. 

. Based in London, the position offers the prospect of travel, 
initially to die GulfStates.Prqjectswiflbe wide-ranging but with an 
emphasis on management information systems, financial control 
reviews and related tcpics.There will also be a requirement to train 
cfient staff during implementation. 

Candidates wifi be qualified accountants with significant 
commercial experience, some of which will have been gained u 
industrial environment. A working knowledge of tniiucoroput 
based systems is essential. Self motivation, enthusiasm and an 
- ability to adapt to a variety ofbusiness environments are the 
personal qualities needed. 

. . Applicants should be fluent in Arabic and E ng lish, 
both written and oraL 

The criteria for success am demanding and the 
rewards, in career and financial terms are, 
of course, first class. 

For an initial discussion please ring 
Andrew Pawlowicz on 01-928 2000 or 
send him your career details at 
Ernst &. Whinney Management 
Consultants, Becket House, 

1 Lambeth Palace Road, 

London SE1 7EU. 



--- J 




- \\i T. 



Ernst & Whinney 

Accountants, Advisers, Consultants. * 


Financial Controller 


c £25,000 4- bonus + car 
Home Counties 



A dynamic manufacturing 
organisation with Interests in security 
printing and associated services seeks 
a Financial Executive to establish firm 
financial controls in Its UK operations. 

As a key member of the 
management team you will be expected 
to make a significant contribution to 
the development of the business. 
Reporting to the Managing Director 
and assisted by a small staff 
complement, the role requires the 
enhancement and development of cost 
effective financial and management 


accounting systems, Improvement of 
pricing, cost control and the manage- 
ment of cash including credit control. 
Financial forecasting is an important 
element In this position. 

Qualified accountants with a 
background of product costing in a 
manufacturing industry, are sought for 
this position. Experience of financial 
planning backed by management of 
a team in a financial function is 
essential. 

In addition to a competitive salary 
there are attractive executive benefits 


including a profit related bonus scheme 
and the opportunity to work outside 
London, in extremely pleasant 
surroundings. 

Send a full CV, detailing your current 
salary and quoting reference: 
MCS/5082 to Barrie Whitaker 
Executive Selection Division 
Price Waterhouse 
Management Consultants 

Thames Court 

1 Victoria Street 
WindsorSLtlHB 


Price Waterhouse 




Director of Finance 


Southern 
Home Counties 

Our cHent, one of the world’s largest privately owned 
Investment Management groups with an 
outstanding growth record, seeks a Director of 
Finance for their substantial UK operations. 

As a key member of the executive team this will 
involve significant strategic development and will 
appeal to a dynamic self starter able to make a major 
contribution to our client’s corporate objectives. 

Aged 32-42, with a financial services back- 
ground, preferably a Chartered Accountant, 



I Jr 



c.£50,000 

Substantial Benefits 

you will be able to demonstrate a successful career to 
date and will possess first c lass technical, commercial 
and inter-petsonal skills. 

The remuneration package may include potential 
equity participation. 

If you possess the necessary qualities and are excited 
by the challenge offered, you should write to Jon 
Anderson ACMA, Executive Division enclosing 
a comprehensive curriculum vitae and telephone 
number quoting ref: 410 at 39-41 Parker 
Street, London WC2B 5LH. 


Michael Page Partnership 

International Recruitment Consultants 
Loudon Windsor Bristol St Albans Birmingham Nottingham Manchester Leeds Glasgow & Worldwide 

A member of Addison Consuboncy Group PLC 


1 


APPOINTMENTS ADVERTISING 
£43 par tingle column centimetre. 
Premium poaitione will be charg&d 
£52 per tingle column centimetre. 
for lurxhar Information, calk 
Jena Randall oo 01-248 S2D5 


J 


V 


EUROPEAN CONTROLLER 


London 


c£ 35,000 + Benefits 


Quotron Systems Inc, a wholly owned subsktiary of Citicorp, is one of the world's 
largest suppliers of on-line, real time financial information services. Its major cus- 
tomers include stockbrokers, financial institutions, insurance companies and stock, 
commodity and futures exchanges. 

It seeks a European Controller to be responsible for the financial, legal, personnel 
and administrative functions of a growing network of subsidiaries and branches 
throughout Europe and for maintaining a dose relationship with the company 
headquarters located in Los Angeles. 

Candidates should be business-orientated, qualified accountants aged around 35 
with considerable international experience covering financial control, treasury, tax 
planning and systems development. They should also possess strong analytical 
and interpersonal skills. 

Prior experience within the financial services, data processing or communications 
industry would be beneficial, as would knowledge of U.S. accounting requirements. 

Please reply in confkfence'with full curriculum vitae inducting details of current 
remuneration and a contact telephone number to D.EL Shribman. 




THE COMPLETE FINANCIAL SELECTION SERVICE 

Vernon House, Sicilian Avenue. London WC1 A 2QH. Tel: 01 -831 2323 




Finance Director 

West Yorkshire c £ 25 k + bonus, car and options 

The company, engaged in medium/ 
heavy manufacturing, is undergoing a ■ 
much needed overhaul following its 
recent acquisition by a dynamic and 
profitable public company. There is an 
urgent need for the establishment of 
effective systems which will provide 
accurate and timely information, 
particularly in the area of product 
profitability analysts. A demanding but 
rewarding time lies, ahead of whoever is 
appointed. 

The qualities of the successful candidate 
will include a tough yet fair mental 
attitude, an assertive personality and a 
'hands-on approach. Candidates should 
be qualified Accountants preferably 


ACMA or ACA. Previous. 
manufacturing industry experience, in 
an environment with a heavy emphasis 
on tight cost-control, is obligatory and 
should include a period in the 
engineering sector. Aged around 35, the 
person appointed muse be familiar with 
the development and operation of 
integrated computer systems. 

Salary is negotiable around £25,000 and 
bonus arrangements could yield in ' 
excess of £3,000. There is a company 
share option scheme and a fully 
expensed car is provided. 

Ple&e send career details, in confidence, 
to As. D. PercivaL 


Rocvenscroft &Partners 

Search and Selection 
20 AbertSca«ft Manchester M2 5PE 




MACH1N DESIGNS 

MANUFACTURING ACCOUNTANT London c£l 7,000 neg. 


■uihSTnuiwr. “»w»uirla Jnd reiatad products. 
Milano udm J 'reputation tor Innovation th* company has a sutufdlai 
USA ana MMs turner ffewtft hi hot* t(M an* oversea* mirkets. 


AriUflno upon A 


BeportinQ to tf» Board 'Of Directors th* |ot> holder will be resoonsKHe ter a 
*** P**- Pre^on. e» uesurmt* management control intorma- 
oanwWjtad »ln reportiTSi^teins. Tt2u 
,nd W , IM tth further development 

“" rlnfl **** compatibility -W. both 

The successful applicant wfll bay* at least tea year, experience la a manufacturing 

Pleaae write enclosing career and salary details to 

lao Wheatley, Machlo Peat— a . W a nsnm a'a Dock. Partem Road, 
teodua SW11 4NP. Ol-iso isn 


RECRUITMENT 

and 

PERSONNEL 

SERVICES 

The Financial Times proposes to publish a 
Survey on Recruitment and 
Personnel Services on 

July 11987 

Among the subjects to be reviewed will be: — 

RECRUITMENT CONSULTANCIES 
OUTPLACEMENT CONSULTANCIES 
REMUNERATION PACKAGES 
TESTING METHODS 

For more information about advertising in this 
Survey and a copy of the synopsis, contact: 

Louise Hunter 
on 01-248 8000 ext 3588 
or 

01-248 4864 . 

FINANCIAL TIMES 

EHRQP ESBU9NE5SNEW5BQPER 

KWPOM ■ BlflNKFUflT ■ WOW YORK 



UK FINANCIAL CONTROLLER 


Bracknell .. 

r, 

“We are the wprid’s leading direct 
marketer -of computer supplies, 
accessories, furniture and 
datacommunications products, 
with operations in the USA, UK/ 
France, West Germany, Sweden, 
and the Netherlands. Inmac (UK) 
Ltd . commenced operations in 
1980 and it now contributes 
significantly to the worldwide 
turnover. 

Continuing business success has 
led to the promotion of the UK 
Financial Controller into general 
management and the peed to seek 
his successor. Reporting to the 
UK General Manager, the role is 
that of a business manager 
responsible for all the financial 
aspects of the company's 


Package to £30,000 + car 

operations and provides a key 
interface with branch, European 
and corporate centres. 

Candidates should be CA'a 
offering experience with a major 
international professional firm, at 
least 5 years relevant commercial 
experience and the ability to work 
as part of a flexible professional 
team. 

Exposure to US business 
management practices through 
working in a European subsidiary 
would be a distinct advantage. 

Please write enclosing a CV to: 

Jillian Gibbon, Inmac (UK) Ltd. , 
Westeriey Point, Bracknell, Berks 
RG121EW 



to £20,000 p.a.-t car + bonus 
+ share options 


Creativity is a much-prized yet rare 

commodity. In art and science, industry 
and comm erce, those who can both create 
and design new ideas and concepts have 
always been both admired and copied. 

In recent years, competitors have often 
admired our client’s ingenuity white vainly 
trying to imitate their oeative and 
commercial success. 

■ Our client is a leading international 
design Group which employs some of the 
most innovative people in all areas of 
their business. As a fist growing public 

company they look for strong financial 
skills complemented by a fresh, lively 
approach to business bidding. 

They currently seek a qualified 
ACA/ACCAinhis or her mid/late twenties 
to fill a demanding role that will fidy test 


your buriness acumen through financial 
* ' iGroup’sfes 


respansibnityfbrofleafthei 
expanding divisions, while also being 
mrofred in planning, reporting and systems 
development at Group leveL 

Obviously, in such an entrepreneurial 
environment, opportunities for fast-lane 
career development are excellent for those 
■with the requisite flair and ability. 

So, if you're a true original rather 
than a pale imitation, contact 
Brigitte Regan-Simpkin on 01-628 5021 
(256 6925 evenings/weekends), or write 
to her at Austin Knight Selection, 

17 St Helen’s Place, London EC3A 6AS, 
quoting refere n ce 369/BRS/87. 


Austin 



. Selection 






vm 


Financial Times Thursday May 14 1987 



Financial Sector 

To £50,000 + Benefits 



The Executive Division of Michael Page UK is 
currently handling a Dumber of senior 
appointments for qualified accountants with 
financial sector experience. Our extensive 
client portfolio represents die complete 
spectrum from international banks through 
to smaller private institutions. 

Should you be contemplating a career 
move within this dynamic area of the 

Michael Bage Partnership 

International Recruitment Consultants 
London Windsor Bristol St Albans Bi rming ham Nottingham Manchester Leeds Glasgow & Worldwide 

A member of Addison C onsukancy Group PLC 



recruitment market, we would be delighted to 
hear from you. 

Interested applicants should write to Barry A. 
Ollier AC A, enclosing a comprehensive 
curriculum vitae and telephone number, 
at die Executive Division, Michael Page 
Partnership, 39*41 Parker Street, 
London WC2B 5LH, quoting 
reft 409. 




AD 


PLC 


ADDISON COIS^LIANCY GROUP PLC 

Addison Consultancy Group PLC is a leading international communications and management 
consultancy, providing a range of professional business services, specialising in die fields of Recruitment, 
Design, Financial and Corporate Communications, Consumer Communications and Market Research. 

In line with the Company’s forward strategy they are seeking to strengthen their Head Office finance 
function with the following appointments. ' 


GROUP MANAGEMENT 
ACCOUNTANT 

to £17,000 4- bens 

Reporting to the Group Corporate Accountant, this 
position entails responsibility for the Group’s manage- 
ment reporting functions, prep a rations of group budgets 
and. forecasts and involvement in assisting senior man , 
agement with financial analysis for corporate and 
strategic business plans. There will be participation in a 
number of specific projects together with the develop- 
ment of computer based financial systems. 

Candidates, preferably aged between 24 and 29 should 
possess a recognised accounting qualification (ACCA, 
ACMA, or ACA) and be able to demonstrate previous 
spreadsheet experience. 


ASSISTANT 

GROUP FINANCIAL ACCOUNTANT 
to £18,000 + bens 

This key appointment wiD provide control of the day-to- 
day Head Office accounting function, as well as that of the 
Group Company Subsidiaries. Reporting to due Group 
Financial Accountant in Central London, and supervising 
three members of staff, the selected candidate will.be 
responsible for the preparation of monthly management 
and half-yearly financial accounts, re sp e cti vely. 

Candidates should be Chattered Accountants, aged 25-29. 
This is an excellent entry point a : 
organisation, with promotion prospects 
throughout the entire Group. 


Interested applicants should contact Gerald Whiting on 01*831 2000 or write, enclosing a comprehensive c.v. to 3941 
Parker Streep London WC2B 5LH, quoting ref 2085. 





Michael Page Partnership 

Internationa] Recruitment Consultants 
London Windsor St Albans Bristol Bi rmingham Nottingham Manchester Leeds Glasgow & Worldwide 

A member of Addison Gonsutancy Group PIG 





Lucas Aerospace 


lacas Aerospace has an unrivalled range of capabilities in die 

equipment for engines, and guid^ weapons- Impressivte. — 

new ptegeett, devdoping and using foe moat advanced technology, and programme of affity™ 

«tahliAfng a wrwldwiAi market presence 

Divisional Finance 


1 


Finance 

Manager 

West Yorkshire c£20,000 +Car 

• Reporting to General Mamgerwithm 
autonomous £15m t/o division 

• Age 28-40 

• Determination ofbusiness policy 

• Financial control and performance review 

• Systems implementation and design 

• Member of Product Group Executive 



Manager 

Hertfordshire c£28,000 + Car 

• Reporting to Divisional General Manager 
within autonomous £80m tfo division 

• Age 33-45 


objectives 

• Formulation ofbusmoB policy and 
operating plan 

• Management services function 

• Commercial control through market 
identification and pricing policy 


The successful applicants wffl be Qualified Accountants with well developed c ommer cial sense and the ability to make 
a signifkant contribution to the operation of thebusiness: An experienced man-manager, you will possess sttongmter* 
personal skills and be a self- starter with ambition and flair. In return you will enjoy a c hallengin g career with 

outstanding prospects throughout the Group. 

For further information interested candidates should contact Nigel Wright ACA on 021-643 6255 at 
Michael Page Partnership, Executive Division, Bennetts Court, 6 Bennetts Hill, Bi rmingham B2 5 ST. 


I_ 


Michael ftge Partnership 

T i i t ema t i onal Rgeruftrocnr Consultants . _ _ __ , 

London Windsor Bristol StAibans Binnmgbam Nottingham Manchester Leeds Glasgow- & WfosMw&fe 

- A mcnfocraf Addison Conadrancy GruupFUZ 


_l 


r Financial Controller I 

Central Africa * 


Our client, one of the world’s leading multinational 
tobacco manufacturing and marketing groups, is 
currently seeking a young, ambitious individual for a 
key management position. 

Reporting to the Financial Director responsibilities 
will include! 

* iwanagtmgnt nfllv onwaTI finatidal acco unting 

function 

* hiid ggTfngand fmanrtal i 

* farther refinement of PC basedi 


report in g to Group 
Candidates mnrfhe qualified agmuniante. 


L 



aged 26-32, with at least 2 years* port qualifying 
experience in indmtry to include budgets and cash 
management; ‘hands-on’ PC experience and team 
leadership. A working knowledge of French is also 
essential. 

There is scope for significant promotion and career 
advancement for the international career-minded 
individual. The position offers married status and 
commands an attractive salary and expatriate benefits 
package. 

Interested candidates should contact Warwick 
Holland on London 01-831 0431 or write, enclosing 
a fuHCV, to Michael Page International, 
3941 Parker Street, London WC2B 5LH. 


Michael Rage International 

Recruitment Consultants 
London Brussels New\fork ftms Sydney . . 
A member ofAddhoaCcxMukanqy Group HjC 


_l 


Young 

Accountants 

c£18,000 

Room to stretch yourself 

There are few opportunities to join a forward- 
looking high technology multinational which 
is fully committed to substantial European 


investment. 

Northern Telecom is the world's leading supplier 
of fully digital telecommunications systems and 
is increasing its share of the office automation 
market with products like VIENNA a family of 
computer systems designed and manufactured 
in the UK. 

The ambitious Europe-wide growth plans 
include expanding the young, dynamic financial 
team working to high professional standards, 
using sophisticated computer tools. We seek 
young accountants, part or newly qualified and 
keen to develop their careers in the 
international marketplace. 

Financial Control 

Hsmel Hempstead 

You'D be responsible for reporting regular 
statutory and management results, working to 
demanding company deadlines. In addition 
you'll manage the sales ledger and contract 
administration for the data systems product 
division. 

Business Analysis g 

Kernel Hempstead & Maidenhead 

Your role will be in ensuring the profitibility of 
our office automation product range, analysing 
actual revenues and expenditure against 
budget forecasts and providing on-going 
financial advice to the marketing and 
technology managers. 

For each opportunity you should be educated 
to degree level and be part or newly qualified 
as an accountant. Experience of working in a 
multinational company, preferably producing 
high technology products, and good 
communications skids and initiative are 
essential. 

Excellent salaries are enhanced by an extensive 
benefits package which includes relocation 
costs, where appropriate. 

Please write with career details to: 

Clive Weston, Personnel Manager, 
Northern Telecom pic, FREEPOST, 
Maylands Avenue. 

Herne! Hempstead, 

Hertfordshire HP7 4BR. 

Telephone Hemel Hempstead 

<0442)41141. 


northern 

telecom 



."--I /_ ■ 


Financial Project Manager 

A development opportunity 


British Telecom Vfest End 
District is a largely autonomous part of 
British Telecom, coveri re; an area 
approximately bounded by Hampstead, 
Bayswaterand Mayfair and with an 
annual turnover in excess of £200 
milfion.Vlfe have undergone considerable 
change to meet the exciting new 
challenges presented fay an 
increasingly competitive environment 

Asa result, we are now able to 
offer this varied rote to an ambitious 
and highly motivated individual who 
can help us to achieve important 
financial goals through tackling a range 
of projects and assisting in the 
implementation of new accounting 
systems. 

In addition to ad hoc financial 
investigation, youH be involved in a 
project relating to the material control 
system; undertake various reconciliations 
in the general ledger; assist in 
interrogation of the general ledger and 
extract reports. 

British 


A part-qualified accountant or 
graduate in Business Studies, you 
must possess good communication 
skills and will ideally be familiar with 
computer software. 

For the right person we are 
offering a starting salary of up to 
£14,000 p.a. plus an attractive range of 
benefits including 23 days' holiday, a 
contributory pension scheme, season 
ticket loan and health and welfare 
services. Future career development 
prospects are excel lent 

Please write with fell c.v., quoting 
reference PR14, or telephone for an 
application form: Chris Tayfor, 

Personnel Manager; British Telecom, 
West End District, Dial House, 

151 Shaftesbury Avenue; London 
WC2H 8BA. Telephone: Freefone 2172 
or 2173 (London area only). Closing 
date: 29th May, 1987. 

British Telecom is an Equal 
Opportunities Employee 


TELECOM 


FINANCE DIRECTOR DESIGNATE 
Multiple Retailing 

Package c £35,000 
Croydon + outstanding benefits 

This exceptional opportunity to join a progressive and highly profitable 
family controlled business arises through pending retirement 

The successful applicant will contribute to the Company’s continued 
expansion through multiple High Street outlets and therefore is likely to have 
had sound experience in the Distributive Trades. 

Applications are invited from qualified Accountants aged between 30-40 

who: 

- can show sound career progress including management responsibility 

- have experience in management reporting, budgetting and financial 
planning 

- have worked closely with computer based accounting systems 

- are seeking a final step in their career path. 

Please write enclosing detailed C.V to Christopher Brooks, Mbrison 
Stonehaxn Management Consultants Ltd, 805 Salisbury House, 31 Finsbury 
Circus, London EC2M 5SQ. 


Morison Stoneham 

Management Consultants limited 


KINGSHELD 

Congnerrfal and Contractual C^rwuftantefotfwIntemattonalCfo ntr ac li ng Industry 

finance Director 


CENTRAL LONDON 

Kingsfieicl is a successful consultancy group, 
providing specialist services to the UK and - 
International contracting Industry. 

In keeping with its plans for continued and sus- 
tained growth the Group is due to restructure 
shortly, establishing a 'holding company to 
control ffs UK ond overseas companies. A 
Finance Director Is required to manage the 
financial and tax attains of all the Group* com- 
panies both nationally and internationally. 
Reporting to the Managing Director of the hold- 
ing company this wilt be a Board position. 

Supported by foe company accountant, the 
Finance Director will also be responsible for 
group financing requirements, particularly ..in 
relation to overseas subsidiaries; advising the 
Board on Investment of funds; and general 
personnel and company secretarial duties; 


c.£30,000 + GAR 

The successful candidate will be a qualified 
accountant between 35 and 45 who is able to 
demonstrate an excellent track record in a 
senior financial position, preferably with on 
International organization. Some personnel 
management experience would be a distinct 
advantage. 

This Is a demanding rote requiring enthus- 
iasm, stamina and effective communication 
and soda! skills. Since the company operates 
on a work! wide basis, overseas travel will be 
required. Excellent health is therefore essential. 

Remuneration is commensurate with a senior 
management board position. 

Applications, in writing, giving a foil career 
resunte and recent salary history to Mandy 
Davies at Robson Rhodes. 


ROBSON RHODES 


Chartered Accountants 


Management Consultancy Division 



Group Financial Controller 

North London. c£28,000 pins car and share option 

We are a highly successful public company operating internationally 
In specialist industrial markets. The continuing expansion of the 
Group and a recent promotion has created an exciting opportunity at 

the Group's head office. We are looking for a top-flight, ambitious, 
young accountant who has the experience, aptitude and enthusiasm to 
make a contribution to the development of the financial function and 
to justify further promotion within the Group. 

The successful candidate is likely to be a Chartered Accountant, aged 
around 30, who has already made a mark in industry and who possesses 
above-average personal skills and technical competence. 

Write In confidence with foil personal and career details to: 

Box A0520, Financial Times, 10 Cannon Street, London EC4P 4BY 


r 


V 








17 






"•''l 








Tiphoak 

Trailers, (Containers and 
Rail Wagons move 
around the world. 


UnmtorHoiM 


SECTION II - COMPANIES AND MARKETS 

FINANCIAL TIMES 

Thursday May 14 1987 


E 


It™ 


DOUGLAS 


CONSTRUCTION 
GROUP 


Amoco moves closer to I Warner 
deal on Dome Petroleum 


BY BERNARD SIMON IN TORONTO 


AMOCO, the US oil group, bias 
moved one step closer to its pro- 
posed CSS.lhn ($3.8bn), aw piiritipn 
of Dome Petroleum by signing a de- 
finitive merger agreement ^rith the 
debt-laden Calgary , energy produc- 
er. 

The two companies' will brief 
Dome’s 56 international lenderron 
details of their agreement at what 
is expected to be a lively meeting in 
Toronto today. The meeting wfll be 
followed by a press conference. 

With debts totalling . CS6.4hn, 
Dome is unable to meet its full obli- 
gations to lenders. The creditors, 
who axe divided into several classes 
according to the type of security to 
which they can claim title, are tints 
likely to be split among themselves 
on the best way of dividing up the 
proceeds a! the sale to Amoco. 

Lenders are also' expected "to 
question the generous terms pro- 


posed for Dome's shareholders, who 
axe to receive roughly the cur re nt 
market value of thdr shares. 

- An official at one US bank pre- 
dieted yesterday that “certain cr«fi> 

. tors will use their legal positions to 
rearrange how the pie is distribut- 
ed." The stiffest resistance - hr ex-' 
petted to come from tenders, maht- 
ly leading Ca n a di a n banks, whose 
loans are secured by assets of (Es- 
puted value. - 

In an effort to mollify a of 
restive public unsecured debthol- 
ders, Dome and Amoco that 
payments to this group will be en- 
tirely in cash, instead of a combina- 
tion of cash and securities initially 
proposed. 

The public unsecured group, con- 
sisting of holders of Eurodollar sec- 
urities, three series of Swiss franc 
notes and participants in three 
Beaufort Sea development funds. 


. will receive roughly 35 pa cent of 
their claims. These payments total 
USSUttm. 

Dome shareholders will receive 2- 
yev subordinate debentures with 
■ an' interest rate of 7% per cant, non- 
caHahip fin: seven years. These de- 
bentures will be convertible into 
Amoco common shares at a price of 
US$105. 

. Although Amoco is fav o u red 
eventually to gain control at Dome, 
the .outcome of the Dome saga re- 
mains unpredictable. Besides objec- 
tions by lenders to the terms of the 
Amoco deal, other oil companies 
have indicated that they are sfiU in- 
terested in bidding for Dome. 

. Before accepting Amoco’s offer, 
the Calgaty company rejected bids 
from Traosdanada Pipelines and 
Imperial Oil, Exxon’s Canadian sub- 
sidiary. 


Reed to Swedish drugs group 

sell DIY up in first quarter 

and paint BY SARA WEBB M STOCKHOLM 

m . ASTRA, the Swedish pharmaceuti- Total sales in 1887 are ejected 

UllOrACfc ^ S ron P’ report®* an 8 percent in- to rise about 11 per cent to SKr 

UA l»vJI crease in earnings - before taxes 529m, with earnings before taxes 


By Christopher Parkas 
in London . - 

REED INTERNATIONAL the 
publishing, paper and paint 
group, is to sell its paint and do- 
it-yourself operations. 

A management consortium is 
preparing a bad for the business, 
best known in Britain for its 
Crown paints and Polycell DIY 
lines. Other potential purchasers 
would also be approached, Reed 
said yesterday. 

City of London analysts put the 
seU-off value at £120m to £130m 
($199m to $216m). 

. -The decision to sell followed a 
strategic review and a conclusion 
that the -group should concen- 
trate all its energies on develop- . 
ing - its -publishing, 'papa; and 
padraging^ifiteftsts, 'Mr^Fetor 
Davis, Reefs chief executive, 
said. “We have a number of plans 
in both areas.” 

Reed has been focusing on a 
shrinking number of core lio- 
nesses since 1982, pulling out of 
national newspapers, printing, 
wallpaper, tarifanng materials 
and other industries. 

The latest withdrawal is under- 
stood to have been prompted by 
the increasing concentration of ; 
the world paint business in the\, 
bawds of about a dozen. multina- 
tional companies. 

Imperial Chemical Industries 
has about 45 per cent of the Euro- 
pean market and last year be- 
came the biggest paint company 
in the world when it took over 
Glidden, Hanson Industries' US 
paint subsidiary; 

Although the Reed paint and 
DIY business is a substantial 
business in the UK, it is a small 
operator in global terms. It em- 
ploys about 5,000 people and last 
year made a trading profit of 
C185m on sales of £28Bm. 

In the six months to the end of 
September - a period heavily 
weighted by the spring and sum- 
mer home decorating season - 
sales were £155m and the trading 
profit C12L&m. City analysts ex- 
pect £22m in profits for the full 
year. 

Crown Paints has IT per cent 
of the UK market, behind IG 
with more than 30 per cent but 
ahead of Berger with around 5 
per cent 

The PolyceH business, founded 
on wallpaper paste and fillers, 
has recently teen expanded to 
cover other DIY products such as 
home security devices and 
double glaring. 


BY SARA WEBB M STOCKHOLM 

ASTRA, the Swedish pharmaceuti- 
cal group, reported an 8 percent in- 
crease in earnings - before taxes 
and appropriations - to SKr 303m 
($48m) in the first quarter, com- 
pared with SKr 281m in the first 
three months of 1988.. 

Modi of foe increase from 
growth in Western Europe. Astra 
said that group Mramgc were af- 
fected by lower net financial in- 
come in the first quarter, a conse- 
quence of lower interest rates com- 
pared with the same period last 
year. 

Sales xoser.U per. cent to SKr -. 
1.28bn, against. SKr L15bn in foe 
comparable period last year, but foe 
com p any said the increase was en- 
tirely attributable to growth in vol- 
ume. 


Total sales in 1987 are expected 
to rise about 11 per cent to SKr 
5^>n, with earnings before taxes 
wnA ap pr op ri ations iiwring at 
foe same rate. 

Sales of Astra's products for the 
treatment of respiratory diseases 
increased 23 per: cent to SKr 292m 
.and its anti-asthma drug, Pulnri* 
cort, showed a 60 per cent increase 
in sales. 

However, sales of load anaesthet- 
ics only increased 4 per cent to SKr 
271m and were hit by the foil in the 
dollar since foe US is Astra’s main 
market Antibiotics sales dipped 1 
per emit to SKr IQ2m and were af- 
fected by irregular deliveries to li- 
censees. 


Belgian bank surges 
40% In sixmonths 


BY TIM DICKSON W BRUSSELS 

BANQUE Bruxelles Lambert ; 
(BBL), foe second largest of Bel- 
gium's commercial banks, disclosed 
yesterday foot its gross operating < 
profit soared 40 per cent to more 
than BPr S.tim (S145 An) in the half ; 
year ending March 3L The result is I 
almost identical to foe performance - 
in the same period a year ago and -1 
according to a spokesman “is ref- 
lected in aQ foe bank's sectors of ac- ' 
tivity." 1 

Net interest income (total rein- i 
vestment income minus interest 
paid) was 1LB per cent better at al- i 
most BFr 14.7bn while “sundry” or i 
fee income from activities such as ] 


portfolio management, exchange 
and gold trading and bond and 
dure issues was 10 2 per cent high- 
er at BEY 4JWbn. 

BBL’s balance sheet total rose IX 
per cent to BFr L379bn. though the 
bank said that without dollar depre- 
dation over the period the relevant 
figure would have been &3 per cent 

Loans to foe private sector (indi- 
viduals and companies) increased 
by 10J9 per cent, largely due to indi- 
viduals 

The bank disclosed yesterday 
that its 874 per cent holding in 
Credit European of Luxembourg 
has been increased to 99.9 per cent 


Tiffany out of the red 
after direct mail boost 


BY OUR FINANCIAL STAFF 

TIFFANY, the fashionable New 
York-based jewellery and luxury 
goods retailer which earfier this 
month completed a 51034m inter- 
national equity offering, reputed 
first-quarter net profits of $l.Q2m or 
12 cents a share, compared with a 
loss of $141m or 18 cents a year 
earlier. 

The company, which was bought 
by an investor group from Avon 
Products in 1984. lifted 'operating 
profits from $73,000 to S34m in the 
latest quarter which ended April 30. 
Sales rose 37 per cent to $43.4m, 
with the company enjoying strong 
sales growth in its three major busi- 
ness areas, US and international re- 
and ffa &ct 

Mr William Chaney, ghatmiaq 


and rfiirf executive, a ttributed the 
strong performance to a favourable 
retail environment, significant im- 
provement in the company’s direct 
mail results and “successful new 
strategies which resulted in higher 
ffl u ppratp business." 

International operations were al- 
so tabyed by substantial rises in 
Tiffany’s Ja panese business. “In ad- 
dition to- these key factors, we con- 
tinue to leverage our fixed base of 
expenses into greatly increased 
sales volume and profitability.” 

Mr Chaney added that the latest 
results were particularly p lea s ing 
because “the first quarter is nor- 
many our weakest period due to the 
seasonal nature of the business." 


to buy 
Chappell 
for $200m 

By WDHam Hall bi New York 

■WARNER CranmanicatimiB, the 
US enter tainment gfa***, has 
agreed to pay over £3Mm for 
Chappell & Co, the world’s larg- 
ed music publisher, which over 
Its 175 year history fans published 
- the works of many of the most 
celebrated contemporary com- 
posers ranging from Gilbert & 
Sullivan, Cole Porter and Irving 
Berlin to IB, the high-flying Ir-. 
ish rod hand. 

Warner Co mmnni cations an- 
nounced yesterday that it had 

p« B ^nt^ M C^app^^forai a 
group of private investors who 
had bought the company for 
around SlOOm from Polygram 
Records In 1984. Completion of 
foe transaction is subject to re- 
gulatory approvals and the exce- 
cutson of a definitive agreement 
Chappell, which was founded 
in London in 1811 and counted 
Beethoven among its early ad- 
mirers, holds eopywrights to 
more than 406^00 songs ranging 
from Elvis Presley to George and 
fra Gersh win . Although some of 
foe more important current pop- 
stare, such as Bruce Springsteen 
and Michael Jackson, now pub- 
lish much of their own music, 
Chappell and its music pub- 

* Bulling rivals, con tin ue to — k* 
'handsome retur ns on their fibre- 
lies of old songs. 

’ Warner Communications, 
whose interests range from films 
to cable TV and records, is al- 
ready involved in musk pub- 
lishing and holds eop yw rights to 
some 250,000 songs. It has a 
strong position in foe IS market 
wh e reas Chappell is believed to 
have a bigger international pres- 
ence. 

Chappell, which retains an im- 
portant London operation, . Is 
headquartered in New York and 
operates in 22 countries. It em- 
ploys a staff of around 500. Poly- 
gram bought CSu^peff in 1979 for 

* ar reported £25m. 

JQw agrent investor- group, . 
which was organised by Wert- 
hehn & Co, a New York invest- 
ment bank, bought Chappell in 
1984* for a reported SHKhn. 

Woolworth 
jumps 45% 
to $29m 

By Our New York Staff 

F.W .WOOLWORTH, foe US re- 
taflhrg giant, increased its first- 
quarter net income 45 per cent to 
SSftn, or 43 cents a share, under- 
lining the success of its strategy 
of emphasising its speciality 
store businesses and reducing its 
reliance on its famous general 
stores. 

The group, which has in- 
creased its return of equity 
sharply over the last three years 
and boosted its dividend on three 
occasions, increased its first- 
quarter sales by 84 per cent to 
$L53bn. Its pre-tax income rose 
38 per cent to 549m. 

Speciality stores sales rase 14.4 
per cent and general merchan- 
dise sales rose 54 per cent Do- 
mestic sales rose 64 per cent and 
foreign sales rose lli) per cent. 

However, foe company notes 
that the increase m foreign sales 
reflected the weakness of the 
dollar and if this is stripped out 
foreign sales would have been 
unchanged and total sales would 
Imre risen by 3JI per cent in foe 
latest quarter which ended May 2 
1987. 

The group says tint operating 
income of its speciality stores 
rose $7m and general merchan- 
dise operating income rose S&a. 
Domestic operating i wynw rase 


OTTOMAN BANK 


Notice Is hereby given that a DIVIDEND st the rate 
of £8.00 per share, voted at the General Meeting 
of Shareholders held on 13th May, 1987, will he 
PAYABLE on and after 3rd June, 1987, in London 
at BARCLAYS BANK PLC, Stock Exchange Services 
Department, 54 Lombard Street, London EG3P 3AH. 
The coupon to be presented Is No. 114. The judders 
of Founders’ Shares will receive an amount of 
£964.50 per whole Share payable on the same date 
and at the same place against presentation of 
coupon No. 57. Coupons must be listed on forms, 
which can be obtained on application from Barclays 
Bank and left for examination four clear days prior 
to payment 


Preussag to omit dividend 


BY OUR FINANCIAL STAFF 

PREUSSAG, the West German me- 
tals and mining group, will not pay 
a dividend for 1986 following an- 
other year of difficult trading. 

Tire company said yesterday that; 
it had been bit by weak crude oil 
ami natural gas prices as well as 
poor trading in non-ferrous metals. 
It added that its shipping division 
had experienced a steep decline in 
activity. 

For 1985 Preussag shareholders 


received a reduced dividend of DM 
8 a share, down from the DM 9 paid 
for 1884. 

Group net profits for last year to* 
tailed DM 79m ($4L8m) but at foe 
parent company level Preussag 
could do little more than break 
even. ' 

THe group kwg chan ged its meth- 
od of accounting and the latest re- 
sults are not entirely comparable 
with 1985. 


US$250,000,000 

Hooting Rate Subordinated Capital Notes due August 1996 

cmgoRPO 

Notice is hereby given that l+ie Interest payable on the relevant 
Interest Payment Dale, May 26, 1987, for the period February 14, 
1987 to May 14, 1987 against Coupon No. 11, in respect of 
U.S-S50,000 nominal of the Noles will be U3.S81S.19 


May 14, 1 987. London C'/T/RASk’Cb 

By: Gtibank, NA (CSSI Dept.), Agent Bonk • K3AUV\ V 


Bayer profits rise but 
sales drop by 9% 


BY ANDREW FISHER M LEVERKUSEN 


BAYER, the West German 
group, said it was optimistic about 
maintaining results at last year's 
high level after a sli ght profits rise 
in the first quarter. 

However, Mr Hermann Stranger, 
the chairman, repeated the compa- 
ny’s earlier warning that this would 
be a tougher year. “Without a doubt, 
the risks are dearly iwrreajing in 
1987”, 

Group pre-tax profits were 32 per 
cent higher in foe first three 
months at DM 715m ($40Qm). Sales, 
however, dropped by 9 per cent to 
DM 9.46bn, mainly as a result of the 
sharp rise in the D-Mark. 

As the main problems of 1987, Mr 
Stranger cited stagnating world 
trade, the high US deficit and grow- 
ing protectionist sentiment, the fall 
in the dollar, and the worsening 
economic situation in some less in- 
dustrialised countries. 


Also, there would be no more re- 
lief from lower oil and raw materi- 
als prices, as in the past year. 
Spending by the industry on the en- 
vironment was rising, too. At Bay- 
er, this accounted for 13 per cent of 
1986 group investments of DM 
2.4bn. Capital spending this year 
win be around DM 2J3bn. 

In 1986, Bayer raised pre-tax 
profits by 5 per cent to DM 3 Jbn on 
sales which were 11 per cent lower, 
mainly through currency move- 
ments, at DM 40.75bn. The dividend 
is befog held at DM 10 a share. 

This year, volume sales have 
been running at foe 1986 level and 
capacity utilisation has been high. 
In local currency terms, business 
was satisfactory in Western Europe, 
North America, and the Far East. 
Sectors showing favourable prog- 
ress included plastics, polyure- 
thanes, and coating raw materials. 


Mr Stranger highlighted Japan, 
foe second biggest chemical market 
in foe world after the US, as a coun- 
try in which Bayer wanted to ex- 
pand. Its sales in Japan now ap- 
proached DM 1.9 bn and the group 
would invest up to DM 200m there 
in the next few years. 

This was one reason for Bayer 
having its shares listed in Tokyo 
next year, he added. Also, Japanese 
investors were expected to invest 
more heavily in European, especial- 
ly German securities, in coming 
years. 

To enable Bayer to react quickly 
to any new business opportunities, 
said Mr Franz-Josef Weitkemper, 
finance director, it would ask share- 
holders' approval for an extra DM 
400m of nominal capital for future 
rights issues, DM 200m to cover 
possible acquisitions, and DM 300m 
for option loans. 


Audi sees dramatic plunge in 
its US car sales ending 

BY KENNETH GOOOMO, MOTOR INDUSTRY CORRESPONDENT IN LONDON 


AUDI, the up-market subsidiary of 
the Volkswagen Group of West Ger- 
many, believes the dramatic plunge 
in its car sales in the US - caused 
by allegations that one of its models 
has caused injury and death be- 
cause it accelerates unexpectedly - 
in now over. 

Mr Wolfgang Habbel, chair- 

man. admitted yesterday, however, 
that the company still an up- 

hill struggle and huge expenditure 
to re-establish the brand there. 

On the brighter side, he said Au- 
di's profits would recover after they 
dropped by half last year, mainly 
because of the fall in the value of 
the dollar. 

Audi's difficulties in the US, its 
major export market, stem from 


claim s that the automatic version of 
the Audi 5000 (the Audi 100 in Eu- 
rope) is prone to unexpected accel- 
eration when put into gear. The US 
Centre for Auto Safety says it has 
been notified of 1,700 incidents 
1,500 accidents, more than 400 inju- 
ries and seven deaths. 

Audi disputes the numbers. It 
says the heavy publicity about foe 
alleged problem artificially stimul- 
ated the number of complaints. It 
points out that the US National 
Highway Transport Safety Authori- 
ty is investigating similar unex- 
plained acceleration cases involving 
7m cars from 12 manufacturers. 

Hie Audi 5000 problem seems to 
have attracted exceptional atten- 
tion because an early case involved 


a priest whose runaway car killed a 
child in his garage. 

The media interest has caused 
Audi's US sales to slump from the 
peak 75,000 in 1985 to 59,000 last 
year and Mr Habbel predicts they 
will be down to 40,000 in 1987. Deal- 
ers are suffering badly. 

Mr Habbel said Audi has spent 
$20m to recall automatic 5000 mod- 
els and put a safety device on them. 
This prevents the car being put into 
gear unless the driver's foot is on 
foe brake. 

Another $80m will be spent on ad- 
vertising this year. The company 
has been offering $5,000 cash re- 
bates to every customer trading in 
an Audi 5000 for a new one. 


Havas at 
head of 
flotation 
queue 

By David Housego In Paris 


HAVAS, the French state owned 
advertising and tourist group, 
was yesterday confirmed as the 
next group to be privatised with 
the annoncemeni that the state's 
40.3 per cent holding will be put 
on the market from May 25. 

At the same time the Ministry 
of Finance named Indosuez and 
Banque Nationaie de Fans 
(BMP) as the two lead hanks fo 
the public offering of the remain- 
ing 50 per cent shares in TFI, the 
first television channel. Die oth- 
er 50 per cent of the shares and 
management control hare al- 
ready been placed with a consor- 
tium led by Bouygucs. the 
French construction group. 

In the case of Havas, Mr Pierre 
Danzier, the chairman, said yes- 
terday foal prior to foe public of- 
fering the government would 
name foe companies who would 
make up foe 20 per cent “hard 
core" share ownership intended 
to provide it with stable manage- 
ment In addition foe govern- 
ment will hold a “golden share" 
in Havas for five years to protect 
h from unwanted takeover bids. 

Though the state has only 4023 
per cent of the shares in Havas, 

it Currently holds manflgpmpnt 

control. 

Those bidding for a stake in 
foe “hard core” shareholding in- 
terest will be required to pur- 
chase between 1 and 5 per cent of 
the capital and to pay a premium 
of 8 per cent Mr Dauzier said 
that preference would be given to 
bidding for between 3 and 5 per 
cent of foe capitaL Havas is esti- 
mated to have a market value of 
between FFr 4bn-FFr 5bn 
($670m-$lbn). 

Die group sharply increased 
consolidated profits last year of 
FFr 425m i 


M these securities baling been sold, tins announcement appears as a matter of record only. 



Investors 
Group Inc. 


Can $94,000,000 
4,000,000 Common Shares 

Offering Price Can $23.50 per share 


Of the 4 , 000,000 Common Shares, 

1,650,000 have been purchased for distribution internationally by 

Dominion Securities Inc. S. G . Warburg Securities 

Gordon Capital Corporation 

Banca Commerdale Italiana Swiss Bank Corporation International 

Limited 


Of the 4,000,000 Common Shares, 

2350,000 have been purchased for distribution in Canada by 

Dominion Securities Inc. Gordon Capital Corporation 


March ]£>$~ 









18 • 


NOTICE OF REPAYMENT 

The Long Tern Credit Bank of Japan United 

(Incorporated in Japan) 

Floating Rate Certificate of Deposit 
US$15, 000,000— No. 3 BKG 000001-000015 
lasted on Zl June 1881, maturing 23 Jane 1888 
Callable In Jane 1987 
Prepayment date 23 Jane 1387 

In accordance with the provisions of the Certificates, notice Is 
hereby given that The Long-Term Credit Bank of Japan Ltd 
(“The Bank "} will prepay the principal amount os the next 
Interest Payment Bate. 23rd June 1987 together with the 
interest accrued to that date. 

Payment will be made against presentation and surrender of 
the Certificates at the Bank's London Office at: 


18 King William Street, London EC4N 7BB 


May 1987 


Hie Governor and Company of the 

BANE OF SCOTLAND 

(Constituted by Act of tfte Scots PatOament in 1695) 

U.S.$250,000,000 

Undated Boating Rate Primary Capital Notes 

Notice Is hereby given due the Rate of Interne has been fixed at T'f»% 

‘ “ tDate. 

10.000 

r«peccafU£$250,000 

nominal of the Notes w3 be U.&£9,929-69, 


May 14. 1987. Lawton 

By: Citibank. NA(CSS1 Dept). Agm Bank 


CITIBANtO 


Allegheny International, Inc. 


has sold its 


Wilkinson Sword Consumer Division 


to 


Swedish Match AB 


The undersigned acted as financial advisers to 
Allegheny Intematimial , Inc, in this transaebixm. 


Dillon, Read & Co. Inc. Dillon, Read Limited 


May 14. 1987 


All of these Securities have been sold. This announcement appears as a matter of record only. 


allegIs 


5,500,000 Shares 

UAL, Inc. 

Common Stock 

($5 par value) 


Of the 5,500,000 Shares, 1,000,000 are being offered outside of the United Slides 
and Canada by the undersigned and 4,500,000 are being 
offered in the United States and Canada by 
the United States Underwriters, 


MORGAN STANLEY INTERNATIONAL 
BANQUE NATIONALS DE PARIS 
CREDIT COMMERCIAL DE FRANCE 


MERRILL LYNCH CAPITAL MARKETS 


CREDIT SUISSE FIRSTBOSTON 

Limited 

GOLDMAN SACHS INTERNATIONAL COUP. 

SALOMON BROTHERS INTERNATIONAL 
Limited 

UNION BANK OF SWITZERLAND (SECURITIES) 

Limited 

JULIUS BAER INTERNATIONAL 

Limited 

BANQUE PARIBAS CAPITAL MARKETS 

Limited 

COMPA GNIE DE BANQUE ET D ’INVESTISSEMENTS, CBI 


DRESDNER BANK 

AkUtngtttllKhan 

THE LUCKY SECURITIES CO., LTD. 


ROBERT FLEMING & CO. 

Limited 


THENIKKO SECURITIES CO., (EUROPE) LTD. 

SWISS BANK CORPORATION INTERNATIONAL 
Limited 

May 19S7 


BARING BROTHERS & CO., 

Limited 

DAIWA EUROPE LOOTED 
NOMURA INTERNATIONAL 

Limited 

J. HENRY SCHRODER WAGG&CO . 

Limited 

S.G. WARBURG SECURITIES 

BANCADELGOTTARDO 

BARCLAYS DE ZOETE WEDD 
Limited 

COUNTY SECURITIES 

Limited 

KLE INWORT BENSON 
Limitai 

MORGAN GRENFELL A CO. 

Limited 

SHEARSON LEHMAN BROTHERS INTERNATIONAL 
YAMAJCHI INTERNATIONAL (EUROPE) 


Financial Times Thursday May 14 1987 

ENTL. COMPANIES AND FINANCE 


UAL links 
jet order 
to $700m 
Boeing 
loan 

By WHBom HaH In Now Yotfc 

UNITED AMThim. the third big- 
gest US airtine, which has ben 
the subject of persistent takeover 
speculation, has placed a £LUm 
order with Boeing, the maid’s 

biggCSt WlTfruft lUHTlflfHfll lTfr^ hi 

as mmsmd deal winch involves 
Rn.mg lendi ng TTnfted * fldrf oi 
the money to pay for the 36 new 


The order Is one of die largest 
ever placed fay an international 
airline Boeing's commit- 
ment to provide United with 
$700m of cash in retu rn lor con- 
vertible notes imdeifluea tin 
fierce competition now facing the 
major wfpi"* manufactiutes. 
United is a bmguiiimHiig 
client but is known to have seri- 
ously considered buying from 
Europe's Airbus Industrie. 

Ur Richard Ferris, chief ex- 
ecutive of Allegis Coepaatfa^ 
UAL’s newly renamed parent, 
w lj that Wt fad. -ob- 

tained “way competitive prices* 
for the e quipm e n t a nd w d conmd 
Boeing’s related fi Miwhn com- 
mitment 

This is the first ti metfa gt Boe- 
ing has made a significant In- 
vestment in a major customer 
and underimes the steps that 
wmrmfM-tuwn t are being forced 
to take to win new boshimK. Boe- 
ing's in vestmen t comes in da 
form of $70Qm In 752 per ant, 
convertible notes dm in three 
jm flnwnl i 1b 

Hay 1980. 

Under the terms of the financ- 
ing agreement, Boeing will be 
able to c o n ve rt die notes at any 
time to Allegis common stock or 
to a new series of L4m Alfoffs 
preferred shares valued at SSM 
er share, which is also canverti- 
le into Allegis common stock. 
Mr Frank Shrontz, Boeings 
president, said that the financing 
package “reflects our confidence 
in Allegis* future growth and its 
longterm success.” 

The hotly-contested onler pro- 
vides for the dehvexy of IS long- 
range Boring 747-4Q0s and Zl 
Boring 737-30Qs by 199L The 
7l7-48fe, four of which will have 
a 1989 delivery data, wifi be as- 
signed to United's rapidly ex- 
panding Pacific routes. The new 
planes wifi allow United to in- 
crease its service to Japan, Hong 
Kong, Australia and Korea. Each 
of the 15 planes will seat 378 pas- 
sengers and win have three 
dames of ac co mmo dation. 

The 21 new 737-30Qs wifi be 
used to increase United’s domes- 
tic capacity and wifi seat 128 pas- 
sengers. They will be delivered 
on a fledbk schedule with the 
first delivery due late next year. 

Mr Ferris said that the order 
represents a strong commitment 
to the future growth of United 
Airfines and to the mm. 

panics, which include the Hertz 
car rental group and the Westin 
hotel riurfii- 


Giant buys 6.3% of Clark 


BY OUR NEW YORK STAFF 

GIANT GROUP, a small US West 
Coast investor group led by Mr Burt 
Sugannan, a Hollywood producer, 
has acquired a 65 per cent stake in 
Clack Equipment, the world's big- 
gest fork-lift truck man ufac tu r er, 
and says that It might seek control 

of the company. 

(Hast Group and an a ffi liate. 
Bands Industries, said in a filing 
with the US Securities and Ex- 
change C om miss io n t h at it had 
acquired fee stock as an invest- 
ment, but it’ K^ratpH that ft alight 
consider seeking control of the com- 
pany through an exchange after, 
tender after or integer, or a proxy 
contest 

An of the shares were purchased 
between March 23 and May 5 at 


ranging from S2L5 to 224.75. 

fa shares rose by 

13/4 to 527/ 

Giaxxt,whose interests range from 
cement to trievisum game snows, is 
a small but aggressive company 
wife big ambitions. Last year it 
earned SHBm on sales of $8L3m 
and at the share price of $23 7/5 is 

c ur re ntly ca p i tali sed at 5110m. 

Clark Equipment, by contrast, is 
a much larger company which has 
been problems adapting to a 
changing ma rke tplace and has lost 
money for the last two years. In the 
first quarter of 1987 it bat 50.4m on 
sales of 5240m. 

The company, which despite its 
recent financial problems has a 
well known brand name in the fork- 


lift truck market, has been the sub- 
ject of takeover spe culatio n in re- 
cent months. 

Mr Leo J. McKernan. Clark 
Equipment’s chief executive, told 
the «""»»! meeting that the compa- 
ny’s principal task “has been and 
cn n ^'wiiM to be reducing opera t ing 
cost." 

rirtng more than 20 new cost-re- 
duced products as proof of Clark's 
considerable progress during 1986 
and the first quarter of 1987, he 
sa id' “These products represent two 
fundamental types of achievement: 
first, dramatic cost reductions 
matched to high quality and perfor- 
mance features, and . secondly, 
newly developed products targeted 
to specific market segments." 


Midland Bank wins 
Brazil unit go-ahead 


BY AIM CHARTERS M SAO PAULO 


MIDLAND BANK of the U K has 
won preliminary approval from 
Brazils central bank for the forma- 
tion of Mldbank Banco de Invest!* 
zsento. a joint venture investment 
bank with two Brazilian partners. 

The Banco Bamerindus do Brasil, 
rnw of ft. Um fl iw g private banking 
conglomerates, and the Ifendes 
Junior G rou p, a Brazilian 


construction company, are the oth- 
er If fiie fm*i central 

bank approval is forthcoming as ex- 
pected in two weeks, the bank wtQ 
initially be capitalised at 520m. 

Midland is putting in 510m in risk 
capital converted from outstanding 
credits, while the other partners are 
attributing S5m each. 


Reiseburo 
Kuoni ahead 

By John Wicks In Zurich 

rEISEBOHO KUONI, the Swiss 
parent company of the internation- 
al Kuoni travel agency group, pro- 
to increase its dividend from 


in respect of last year. 

This follows a 0.5 per cent rise in 
cashflow to SFr 2L2m (514.4m) and 
an increase in net profits by 9.3 per 
cent to a record SF* 8 Jim. 


ENSKILDA SECURITIES 

Skandinavfska Enskikla Limited 

and 


EQUITABLE SECURITIES CORPORATION 


are pleased to announce the formation of 


EQUITABLE ENSKILDA SECURITIES LIMITED 

a joint venture company with principal offices at 


26 Finsbury Squi 
EC2A1DS 


lare 

London E< 

Tel: (01)3742534 


for research into, and placement of, 
securities of United States corporate 
issuers in the international capital markets. 


ENSKILDA SECURITIES 
London Nasfivflte 
Stockholm Paris Tokyo 

«fey,1987 


EQUITABLE SECURITIES CORPORATION 
Member New Ybrk Stock Exchange, Inc. 
Nashville, Tennessee, USA 


j 




This announcement appears only as a matter of record. 


$100,000,000 




TOTAL Energy Resources Finance, Inc. 


100 shares of Series A Auction Preferred Stock 
(Liquidation Preference $500,000 Per Share) 

and 

100 shares of Series B Auction Pr efer red Stock 
(Liquidation Preference $500,000 Per Share) 


Letter of Credit provided by 

Sodete Generate 


The tmdertngned arranged for the private placement of these shares. 


Kidder, Peabody & Co. 

Incorpo r ated 


April 1987 




Financial Times Thursday May 14 1987 



And you’ll want to come again. 


At Tesco we believe in giving our customers the best service possible. 
Thafs why weVe spent £500m in the last five years on brand new 
superstores. And why we aim to spend another £500m in the next two. 

As the UlCs biggest superstore operator we have the experience to 
know what makes a pleasant shopping environment. Thats why every 
new superstore has free car parking, a petrol station, a coffee shop, a 
customer service desk, toilets and even a baby care room. In addition 
there are wide aisles and plenty of checkouts for speedier service. 

It all amounts to having the whole high street under one roof. But 
with the quality of Tesco running throughout. 


C 


) 


Making an investment in quality. 





This announcement appears as a matter of record only. 


April 1987 



The Hokkaido Takushoku Bank, 


Limited 

London Branch 


$2,000,000,000 

Multicurrency Certificate of 
Deposit Programme 


Dealers 

PaineWebber International 
Drexel Burnham Lambert Securities Limited 
Shearson Lehman Brothers International 


This announcement appears as a matter of record only. 


^4 Houghton Mifflin Company 


$50,000,000 

Global Commercial Paper Programme 


Adviser sod Dealer 


PaineV&febber Incorporated 


D. H. Blair & Co., Inc. “^ alsitua ™ w * 





Va.t. &e. corporation 

/ ■v ' 

/ \ AMEX SYMBOL 'ATW* 4/20/87-24% 


OUTSTANDING CAPITAL APPRECIATION OPPORTUNITY 

Send for our latest "Special Situation” recommendation. We believe the shares 
of AT&E offer the potential for the most exciting capital appreciation of any 
situation we have ever recommended. While the risks are always high for 
companies whose products, revenues and earnings are all futuristic rather than 
current or assured, the potential rewards, if the company's technology and 
markets materialize as it plans, would be enormous. 

For those willing to undertake the commensurate risks, we strongly recommend 
aggressive purchase of AT&E shares for potential exciting growth and capital 
appreciation. 


SHARE OUR SUCCESS. 

YES I ] believe In i evening in exciting taper growth ti wlu early, 
fleaie tend me ■ report on A.T.&JL Corporation 

My inveslncnl porfolio is approximately: 

□ Sja.ow-IIZS.QOO □ SIU.WO-UM.MH □ SSSMHO4ljSO0,MO 

□ overSI.MMMQ 

Name iPrtju) ______ 

Telephone: Business yinmr 

Ai rtf 


D. H. Blair & Co., Inc. 


Financial Times Thursday May 14 1SS7 

INTERNATIONAL COMPANIES and FINANCE 


Gulf Air loses its 
eastern glamour 

By Michael Feld, recently En the Gulf 


GULF AIR, the airline owned 
by the governments of Bahrain, 
Qatar, Atm Dhabi and Oman, 
made a loss last year, its first 
since the 1970s, when it was 
building its network. The exact 
figure Is due to be announced 
next month and according to the 
informal estimates given by the 
airline’s officials it will be 
between $6m and $15m. 

Although it is cutting its 
spending by 10 per cent, the air- 
line expects to make another 
1055 in 1987. 

The realisation that it is los- 
ing money has come as a jolt to 
Gulf Air and is causing people 
outside the company to talk of 
the airline having lost its way. 
The obvious basic cause of its 
problems is the fall in the Gulf 
governments oil revenues. But 
it the same time Golf Air now 
seems to lack some of the com- 
petitive flair and glamour it 
showed in the mid-1970s. 

It no longer has in its favour 
the novelty of being a new air- 
line. Its aircraft interiors are 
not as smart as they were and its 
service on flights within the 
Gulf Is ordinary- Its intra-Gulf 
schedules, which one would 
expect to be run like those 
between European centres 
where flights depart at the same 
times every day, are sometimes 
irregular. 

Given that it has a monopoly 
-to routes between its share- 
holder countries, these short- 
comings do not affect its 
lomestic revenues, but they 
may discourage people from 
taking the airline’s overseas 
Tights, on which its service is 
good. The airline itself blames 
its losses on excessive capacity 
and discounting on its inter- 
national routes. 

Last month the airline's 
board asked its Air Transport 
Committee, which is composed 
of the four shareholders* direc- 
tors general of civil aviation, to 
study ways of reducing excess 
capacity. This will be a slow 
process, but the company hopes 
it will begin to see results in 
six months. 

Rival airline 

Fart of the reason for the 
over-capacity is that each 
shareholder state has invested 
in a large and glamorous airport 
and has an Interest in having as 
many flights as possible pass 
through it. 

Each shareholder also has its 
own ideas on how many 
schedules should Hnk the air- 
line to different destinations. 
Qatar and Oman receive more 
flights than strictly commercial 
considerations would justify. 

- The newest problem to affect 
Gulf Air has been the advent of 
a rival airline in Dubai, 
Emirates Air. This company, 
which began its services about 
a year ago, was established with 
help from Pakistan Inter- 
national Airlines. So far it has 
three aircraft and operates 
mainly between Dubai and the 
Indian subcontinent By taking 
Gulf Air's traffic rights on 
these routes, it has taken about 
10 per cent of its revenues. 


In July Emirates Air is to 
begin daily services to London 
and Frankfurt with two new 
A3 10 Airbuses. 

The establishment of the new 
airline is a sensitive subject 
among aviation authorities in 
tiie Gulf. In a typically Gulf 
fashion they say that they 
welcome the new airline and 
that there is no really serious ; 
competition between it and Gulf , 
Air. , 

In Dubai the more plausible j 
line Is that the state was never j 
a shareholder in Gulf Air and i 
that its airline is a logical out- 
growth of the longestablished, 
quasi - monopolistic Dubai 
National Air Travel Agency and 
its busy airport, which bandied 
nearly 4m passengers in the 
year to the end of March— a 16 
per cent increase on the pre- 
vious year. DNATA, owned by 
the state, represeents over half 
of the airlines that land in 
Dubai and has a staff of 2.200. 
which is almost half the size of 
Gulf Air's staff. 

Bad feeling 

M The surprise is that we did 
not start an airline sooner, 
given our ports and our role as 
a service and trading centre,” is 
the view of Mr Maurice Flana- 
gan, Emirates Air’s managing 
director. 

In reality Emirates Air was 
bom in part of bad feeling 
between Dubai and Gull Air 
over Dubai’s granting of traffic 
rights to large numbers of 
foreign «irWnM- Gulf Air 
resented carrying passengers 
into Dubai on intra-Gulf flights 
wad then seeing ®em continue 
their journeys to foreign desti- 
nations with other shilses. It 
responded by cutting its services 
to tiie State. 

There have been further cots 
since Emirates Air was estab- 
lished and tiie new company has 
not been given traffic rights to 
any destinations within tiie 
Gulf. Although Kuwait Airways 

flys there regularly, reaching 
Dubai from most of its neigh- 
bours is now difficult. 

Emirates Air is putting a 
brave face on its government’s 
failure to negotiate traffic rights 
in tiie Gulf by saying, truth- 
fully, that it rf+annol all ftS 
energies into opening other 
services. 

What Is good news for every- 
one is that Emirates is. not 
likely to be followed by other 
new airlines in the Golf, eves 
fl hnng ft there 1*^ been specula- 
tion that Oman, which runs a 
small internal air service of its 
own, might be another candidate 
for going it alone. 

Oman and the other lower 
Gulf states are shareholders In 
Gulf Air, which would mean 
that if aby one of them broke 
•way It would give major 
offence to its neighbours and 
allies. Also, none of the Gulf 
Air shareholders alone has 
either the passenger numbers 
or growth rate of Dubai and 
none would easily be able to 
justify its own airline on com- 
mercial grounds. 


Lfnter Group Increases 
earnings and dividend 


BY BRUCE JACQUES IN SYDNEY 


(INTER GROUP, the divend- 
led textile and broadcasting 
company run by Mr Basil 
Sellers, the Australian entre- 
preneur, has almost trebled Its 
tfter-tax profit for the yeor to 
•larch — a period full of deals 
md takeover bids. 

The company, Australia’s 
biggest textile group, has 
ledared a tax-effective one-tor- 
two bonus issue after lifting 
earnings from A$7.4&m to 
4821.18m (USSlSOm) on sales 
up from A$69.9m to ASlOS.Bra. 

The annual dividend Is being 
: ncreased from 14 cents to 20 
^ents a share. A major benefi- 
ts ry will be the group’s 40 
per cent shareholder, AFP In- 
vestments, which recently 
raided the British Gestetner 
group. 

Linter became Australia’s 


biggest textile company last 
July when it merged its 
National Textiles operations 
with Entrad in a vehicle known 
as Lintrad. Linter bought out 
Entrad for ABST.Sm, with 
effect from April 1 this year. 

Lin tor’s growth, has been one 
of the major factors in an extra- 
ordinary share run by AFP in 
recent months which has taken 
the company’s capitalisation to 
around the AOlbn-mark. Mr 
Sellers personally controls 
about 25 per cent of AFFs 
capital 

Besides Linter and Gestetner, 
AFP*s other assets include 
options over a 20 per cent in- 
terest in Elders DEL and a large 
stake in BDG Investments, the 
emerging electronic media 
empire of Mr Kerry Stokes, the 
Perth b usinessman. 


Peking 
unveils top 
profit 

earners 

By Robert Thomson in Poking 

IN AN exercise aimed at 
raising corporate consdous- 
neas, China has released com- 
parative lists of tts most 
profitable and most produc- 
tive commnfas. 

- This is weighted towards 
heavy industry with the most 
profitable enterprises head- 
quartered In the. oil city of 
Daqhog, which was a wind- 
swept wasteland in the far 
north until, three decades ago. 
Three of the top five profit- 
makers are iron and steel 
corporations. 

Of course, Chinese defini- 
tions of profit and company 
are different from those to 
the West. AH of the com- 
panies listed are state-owned 
and band hack much of their 
earnings to tiie state. Some 
companies, iwrimiiny the 
most profitable, the Dicing 

Petr oleum A ilmhilialT 'aMff n , 

answer directly to ministries. 

Anahan iron and Steel Cor- 
poration, in charge of the 
country's largest steel plant 
near Shenyang. In the north, 
is the second biggest profit- 
maker, and like the fourth 
placeholder, Wuhan Iron and 
Steel Corporation, in central 
China, is badly to need el an 
overhaul, as much of its 
equipment Is several decades 
old. 

Third en the profit list 
which dees not reveal exactly 
hew much the corporations 
earn, 'is Peking’s Yansban 
petrochemical complex, while 
the Wraighai and Daqing 
petrochemical complexes 
occupy seventh and ninth 
place respectively. The only 
exception to heavy industry 
to the top 20 Is die Shanghai 
Oguette Factory, which is 
14th on the Ust. 

Biggest producer 

China's biggest producer Is 
the co mpan y overseeing the 
ShcngU m field, in the 
coastal province of Shandong, 
which provides about 20 per 
cent of the co untr y ’ s annul 
erode oil o u tput. Hie Daqing 
Add supplies about 42 per 
cent, but the administration 
of the output Is divided np 
Into several companies, so 
the Daqing Petroleum Ad- 
utototzatian Is credited with 
being the second largest 
producer. 

The a nidi aw amg Wuhan 
ton mid steel corporations 
occupy the next two places, 
the Yanshan Petrochemical 
Corporation is fifth, mid the 
Number Two Antewocks- to 
in sixth spot (The Number 
One Autoworks, which pro- 
duces a Hmomunc called a 
Red Flag, and Liberation 
Trucks is three places 
behtod.) 

The Number Two ante 
factory dominates Shiyan, 
sometimes called Motor City 
or China’s Detroit, to the 
central province of Hubei, 
and produces the ubiquitous 
East Wind trucks for 
domestic consumption and 
Aeolus trucks for export to 
developing countries. If all 
goes according to the fac- 
tory’s plan, Aeolus vehicles 
will soon mate a South 
Kerean-Uke Impact on the 
US market 

In au, China Is saM to have 
864MMM factories, and the top 
80 profttmakcra contribute 
about 17 per cent of national 
income. 


Goodman plans court 
action over bid ban 

BY DAI HAYWARD IN WELLINGTON 

SSCSfss eSrESgA 

‘ SStSl«’V^5cl*ion obliged to give the go-ahead for 

SKSK2 

SSSt ST *" ^ 

Both to Goodman and Mr outweigh any detrimental effects 
O SmSpE Sng director carnmd by £ dominance in the 

meeting yesterday Mr Lyon would give the combined com- 
Sid hL ftSS the decision panles tremendous dominance in 
u incredible.” The company a whole range of food processing 
believed it had satisfied earlier areas. It also raid Goodmans 
concern expressed by the Com- had not shown that benefits to 
SESon on the extent of the the public and con«uner would 

alleged benefits which would outweigh 

flfVilf g. Nim fi»A mereer cfiusfid by this dominance- 

Mr Goodman said he believed In an effort to reduce the 
the proposed merger gave New dominant role 
Zealand and Australia an ideal gtoeJ»th 

opportunity to develop an agreed to sh^par^f their tee 
international food group. “"earn interest. The Wattle 

The hi eh Court appeal will be board wos also prepared to 
the first challenge to a Com- divest Itself of one or two other 
mere© Commission decision operations. 


Norway’s 
Trade Finance 
Bank 


Union Bank of Norway has every facility to 
assist importers and exporters in their sales efforts 
both in Norway and abroad. We offer collection 
services, letters of credit and trade finance, all of 
which can be adapted to meet particular needs. We 
offer financing in different currency baskets to 
reduce your foreign exchange risks. Our close 
relationship with the Norwegian Savings Banks 
gives us a unique network to assist with your 
payment transactions. 

; Please contact Tom Rristensen (trade finance] or Eva 
Hagerup (letters of credit/collection) in Norway. Tel: 
(472) 31 90 50. Telex: 19470 UBN BK. Union Bank of 
Norway is known domestically as ABC bank. 

Hnlrinlcp, Ijatrirrr^^rw ponhagfln. 

Me 

UnionBankofNorway 


AMAX INTERNATIONAL FINANCE CORPORATION 
16 y*% US Dollar Guaranteed Notes of 1992 
Due on April 1, 1992 

holders of Notes 


notice: 

of the above Ik 
inthetwdvr 
that us y 
twelve 


sminal was purchased 
March 31, 1986 and 
purchased in the 
Larch 31, 1987. 

The principal amount of Notes remaining in circulation 
on Match 31, 1987 was US $66350,000, including 

didivered to the Trustee for cancellation. 5 
SWISS BANK CORPORATION INTERNATIONAL LOOTED 
Purchase Agent 


Rising yen blamed for 52% 
decline at Citizen Watch 


BY YOKO SHI BATA IN TOKYO 

CITIZEN WATCH registered a 
pre-tax profit of Y5D2bn 
($30m) to the year to March, 
down 52 per cent from the 
previous year. The sharp profit 
decline was due to the upsurge 
of the yen. Net profits were 
down 38.8 per cent to Y2.62bn, 
on turnover of Y16839bn, up 
5J9 per cent 

During the year wrist watch 
sales rose 16.6 per cent in 
volume hut fell 10.3 per cat in 
value. Printers and other office 
equipment registered a 533 per 
cent gain to around Y24J2bn, 

Citizens intends to maintain 
its annual dividend at Y7.5 a 
share. 


Weekly net asset value 

Tokyo Pacific Holdings (Seaboard) N.V. 

on 11.5.87 U.S. $15830 
Listed on the Amsterdam Stock Exchange 

Information: Pierson, Heldring & Pierson N,V„ 

Heron gracht 214, 1016 BS Amsterdam. 


AIBD BOND INDICES 

WEEKLY EUROBOND GUIDE MAY 8 1987 


US Dollar 

Rodsraptk 

Yield 

9370 

>n Change 
on Week 
% 

+0.871 

12 Months 
High 

9.619 

12 Months 
Low 

8.440 

Australian Dollar 

14.219 

-0.385 

14.735 

12-835 

Canadian Dollar 

10.304 

+0.980 

10.819 

9J72 

Euroguilder 

6.200 

2.041 

6050 

5.804 

Euro Currency Unit 

8.444 

-1.068 

9.041 

8.164 ' 

Yen 

5.420 

0X11 

6J02 

5.218 

Sterling 

9J19 

— 1.531 

11.609 

9.510 

Deutsche mark 

5.954 

0J235 

6.652 

5.954 


Bank J. Vonttbrt • Co LM, Zurich - T*l«ge 812744 JVZ CH 


For tiie current fiscal pear, 
pre-tax profits are projected at 
Y4J>bn on turnover of YlBObn. 
The company plana to maintain 
its annual dividend at Y7.5. 

• Yokogawa HOknshln Electric, 
which makes industrial instru- 
ments, reports a 26 per cent 
fall to pretax profit to YBJQbn 
in the year to March. The lack- 
lustre performance was blamed 
on lower safes caused by the 
yen’s appreciation and deterio- 
ration to the profiMo-sales ratio. 

Overall sales dipped LB per 
cent to Y15&25bn. Sales of In- 
dustrial Instruments, which 
account for over 70 per cent of 
the company’s overall sales, 
gained L8 per cent to Y155bn. 
But sales of measuring instru- 
ments dipped by LI per cent, 
Information equipment 19.6 per 
cent and ship-use machinery 
60.6 per cent 

Net profits jumped 88.6 per 
cent to Y13.097bn, helped by a 
special profit of YISbn by sell- 
ing plant and receiving special 
dividends from subsidiaries. 

For the current year, pretax 
profits are projected at Y9.5fan, 
up 3 per cent with net profits of 
Y3.6bn, down 74 per cent, on 
sales of Yl65bn, up 4 per cent 


This announcement appears only as a matter of record. 


$173,400,257 

Massachusetts Industrial Finance Agency 

Resource Recovery Revenue Bonds 

for the ^ 

Ogden Martin Systems of Haverhill, Inc. 

Resource Recovery Project 

(an indirect wholly owned subsidiary of Ogden Corporation) 


Supported by. 

Direct Pay Letters of Credit and 
Lending Facilities 


Structured and Arranged by 

Union Bank of Switzerland 

New York Branch, Project Finance Group 
As Agent, Co-Lead Manager 
and 

Issuer of the Letters of Credit 


National Westminster Bank PLC & 

Project Finance, Financial Services Group 
As Co-Lead Manager 


“wv 


April 24, 1987 


*r - : •: 






21 



1 >• • +■ ’ 


.s • ' 
■ . 'rS 

I 

B... «>. 

: 'v\ 




* 


Financial Times Thursday May 14 1987 

INTERNATIONAL CAPITAL MARKETS and COMPANIES 


Currency protection in 
$100m SocGen deal 


BY CLARE PEARSON 

NOMURA International found 
one answer to the taxing prob- 
lem of how to issue Eurodollar 
bonds while that sector is still 
in the doldrums with a novel 
deal yesterday, the redemption 
amount of which is based on 
tiie future exchanger ates of 
five different currencies. 

The 9100m five-year deal for 
Sodete General e, dubbed a 
“ Rainbow, bond; 1 * aims to attract 
investors worried about the 
value of the dollar. They are 
protected from individual ex- 
change rate movements by the 
broad' spread of currency risk. 
They pay for this, protection, by 
receiving a lower-than-usual 7.0 
per cent coupon. . .. 

The redemption amount, in: 
dollars, is based on a basket of 
spot foreign exchange rates five ■ 
days before maturity. Each 
$LOm bond is made, up of 
£l_85m, C$&91m 714&3m and 
ASL39m. 

Nomura was not quoting a 
level for the issue, priced at 
101 f, which appeared late in. the 
day. It looked likely to be 
aimed at specific pockets of 
demand. 

The first floating rate note 
issue, emerged in the Australian 
dollar sector but did. not trade. 
The lead-manager; Bank of 
Tokyo International, described 
the A$75m bond for State Bank 
of Sputh Australia as targeted 
at - particular . : Far " -Eastern ■ 
investors with a need for invest- 
ments providing, a high, current 
yield. : „ : 

The: seven-year issue, which 


incorporates annual put options 
set at par. pays interest during 
the first year at a rate of 65 
basis points below theh rate for 
Australian three-month bank 
bills of exchange (BBS). Sub- 
sequently. it pays 45 basis 
points below that rate. 

Elsewhere. Union Bank, of 
Switzerland (Securities) demon- 
strated, that it . is stQl possible 


INTERNATIONAL 

BONDS 


to touch a successful bond 
despite difficult mraket condi- 
tions when it doubled the size 
of a recent C$150m bond for 
Bell Canada Enterprises, the 
Canadian telecommunications 
and industrial holding company, 
to. produce the largest Euro- 
Canadian dollar issue ever. 

The lead-manager said BCE 
had been thinking of doing a 
C$150m deal in the Canadian 
domestic market but, seeing 
how well the bond was going. 
UBS had put in a bid on behalf 
of the syndicate to build these 
funds Into the existing 
Eurobond. 

The second half of the issue 
is priced at 101*, * point above 
the .original issue, but the 
terms -are otherwise identical. 
It was priced at a .. small 
discount to the trading : level 
of the first half in - the 
secondary market 

The 10 per cent five-year 
C$300m bond was quoted at 
around 00| bid. 


Pricing of Credit Suisse 
First Boston's recent bonds 
reflected mixed fortunes. A 
five-year deal with dobt war- 
rants for News International 
was increased by £25m to £75m, 
and continued to trade within 
fees at less If bid. 

But the pricing of a 0 150m 
convertible for Aftaafnlmg 
Company of America was 
adjusted to ; make it more 
generous to investors, following 
a lacklustre market reception. 
The' coupon was fixed at the 
upper end of the indicated 
lunge at 6* per cent and the 
conversion premium at 20 per 
cent, below the previous 23 per 
cent lower limit. 

Prices of Eurodollar bonds 
eased yesterday by about * 
point In the D-mark market 
prices were steady in tow turn- 
over although the shorter 
maturity bonds were in fair 
demand. 

In Switzerland!! prices were 
maintained in continuing low 
volume. Swiss Bank Corpora- 
tion led a SFr 105m 10-year 
deal for Enterprise OU, of the 
UK, in the first non-sterling 
issuer The 5 per cent swap- 
related bond was priced at 994. 

Banque Iadesuez and Credit 
Commercial de France jointly 
led a FFr.fiOOin five-year 9 per 
cent bond for Renfe, the 
Spanish staet railway company 
-—the first French franc issue 
for a Spanish borrower. 

Istituto Ban carlo San Paolo 
di Torino led a LlOObn eight- 
year 10 per cent bond for Euro- 
fima, priced at 101. 


Four foreign brokers for NTT launch 


BY YOKO SHIBATA M TOKYO 

NIPPON Telephone and Tele- 
graph, the Japanese telecom- 
munications company which 
was recently partly denationali- 
sed, has decided , to invite four 
foreign brokerage houses to 
join the underwriting consor- 
tium for its domestic corporate 
bonds. 

NTT has chosen Salomon 
Brothers, Merrill Lynch, Gold- 
man Sadis and S. <2. Warburg. 
The four have been granted a 
4 per cent share of the under- 
writing of NTT's YlOObn issue 


of straight bonds— the largest 
amount ever underwritten by 
the group for foreign brokers. 

The move is seen as a 
response to US and European 
government requests to expand 
the foreign brokerage houses* 
underwriting share in domestic 
corporate, bonds. 

At the - pnr * of month, 
NTT will launch the issue of 
straight bonds under the so- 
called “ proposal system 
Under this system, being used 
for the first time In Japan. NTT 
has selected Nomura Securities 


as lead manager on the basis 
of the terms it proposed for the 
issue. 

NTT and Nomura together 
chose the four foreign houses, 
on the strength of their record 
in bond dealing, government 
bond under writi ng and under- 
writing of NTT's own overseas 
bond issues. 

The 11-year bonds, to be 
redeemed in a lump sum at 
maturity, are expected to open 
for subscriptions next Monday, 
with the payment- date set for 
May 22. 


Ft INTERNATIONAL BOND SERVICE 


w me * ■ *»■* jut as n atteeal 



Cntffan P*c. 20% SB. 

CCCE7V91 OH- 

CWC6 7* 91 

CHken>B*93 - 

cmatijMMbvn — 

CfNfh National 9* » — ^ 
Craft Nairn! 7* « — 
DamA Kingdom 7* 92 
DcHiMfc Kingdom Sit « 

EEC 7 91 



Finland r* 97 

Finland 7*2 93 

Ford Itotor Crod- 10*2 91 _ 
Fort Motor C«<L 11*90- 
Goo. B«c. CmL 10* 00— 

Kowea 7*92 

HoeB± 7*94 

Hooch 8* 97 

Liberty II tauaiS^Sb 



for which there Is an adequate secondary market 

daring prices on May 12 


44ft 


SI Wt fl -A 
ms n* vs* +** 
sm MS* IN +8* 
MS MS* IN* -a* 
ms ruv* MB* -w* 

m » 


LTCBof 

Licari Aeons 97 
WooL-Bbo CmL 7*99 

MorrtU Lyndi 8* 92 

MltaUMFln.7*93 
JMnai America 7* 92 
Norway Kbwtom 7* 9X_ 
PopUcolflc7*93 

Qwtas Airways 10*95 

Qoconslmd Gan. 10* 95 
Rattan Porta 21* 95 — 
SMS Scania 9* 91 
Stauctewn 10* 92_— 
Sate Bk. S. Ana. 9* 95— 

StottfllOVO — — 

Swts. Eap. Crod. 7*91 — 
Swrt.Exp.Crad.1042 — 

Sweden IV* 96 — ... 

Sweden 792 

Swedan Kingdom la* 90 
SwodM tOngdom 7 VI — . 

Tabs Finance 7* 94 

Toyota Motor Crod. a 89 
Toyota Mtr. Crod. 7* 92 
Victorian Rap. 11*92— 

Wortd Bank 792— 

Ykwto That Fin. 8* 93 



WH2 ltt 4V« 
— 286* 201* 

MS 99* 1** • 

170 UO* 1M +0* 
1OT o* «£k -Fd* 
ua XM* 1*5* S 
vr* 97* -«* 



Minn Dev- Baak894— 2« 
Austrian Elec. Co. 6* 95 151 
BMW 5* 96. X* 

Daimler Benz lHL5*01 — SN 
Dow Chemical 5* 9b *“ 

Dow Chemical 6* 95 

EIB5*98 
El B 6* 96 
El S 6*95 

EIB697 *2 

Eara. Coal SSto^S* 97 . OT 

Enroll m* 6* 96 « 

Ea.-lnt.Bk. Korco 7* 90 - 
Finland RopohUc 7 92 — 
Hmtiiml.Hii.795 
Hydro Quebec 5b 96 

tMiOadizciU 

IBJ3*96— , 
botad8*92 — —■ 

Japan Fltiaoee 5*97 
JuHts Baer Bank 2 94 — » 
Koroa Don. Bank 6* 95 — . W 
MittuMlM M. 3* 09 WW WJ 
MRsiAWd M. S* 89 XW Mfl 

*Rw*fT*95 — — - MJ 

Soc. CML Nuclear 7*95- 251 
Soc. can. Nuclear 8 91— » 
*»w«Wl5 , j96_— -- — MS 
Tokyo Eire. Poww 697 — Jfj 
World Bank 5* 97 780 

Yorttshlro Inti. 6* 01 


Md altar ftf 

111 * 112 +•* 
UZ* MB* • 

» a • 

91* 



.. . « T 
iffiK 35 

on w* +i 
96* ft 

|XH M9 -W 
M2* 1 85* 4** 

^ “a as 

99 99* 0 

99* ua* -*« 

1«* ** -W* 

Htelw wsek 


STKAKHT* 

African Dov.8k.!^96 — M 
Amer. Corpn. 5*02 — * 
Baker Im. 4*96—— » 
CarW»eiv596 g 

§SS, , F.S.«lL.5*95 MB 
Hwnona 96 — 08 

lodu«i«&ftat5*96— 75 

Mm0et.Bk.f>t97 280 

06cras.Kftwk.5*95 
fiHntti MI.5*9S - 
PWtieo5*9S 


388 


ema(MMUN4*94. m 
HoMm FurSa AiVa — - » 
Se«tBfEwa.om — 18B 

ToMvu EMC Pwr. 4* 9S-. 

USX Corps. 5*90 
World Am* 5* H 


YM2* W 

S 

KS5S 

T S£ J 5>. 

tU2* 183* 
im 99 
ttt U8 
ftol* 382 

S5,SS 

iss-r 

1MB* 3>f* 

HftOM 


49* 452 
+9* 636 

40* 677 

-0* 630 

44* 629 

49* 622 
41* 5.98 
-fl* AM 


41* 129 
42* 5A 
-8* 571 
44* 474 

-X 477 


—•* 53« 
-f* W 
-e* 5A 
-4* 4JB 
44* 431 

-1 495 

41* Uf 
-4* 4X7 

9 438 

-4* SJ4 

• 492 

43* 6J» 


Boctric593, 
OeoaaricKtogdDm5*92. 
EEC 4* 93 ■ — 

Oec.de Franco 5* 99 

Kansal El0Ctrk4*99 

Norway 4* 92 

SNCF4*95. 


101*4 .181* -5* 
m ma* e • 
in* w* -4* 


Kingdom 5* 95. 


m in* • • 

91* 99* -ft -4* 
Ml* M2* -4* -4* 

381* Ml* -Mt -4* 


Mi Etoetrohix 24* 90 AS N lO* IN* 44* 

Borges Bank 15 90 A* B8 10Z* MS* 48* 

BHF Bank 14* 92 AS 48 1U* M2* 4«, 

OC FtawcelS* 9ZASJ. » 283* 104* 44* 

Deflate Bk. 24* 92 AS— MB MB* 284* 44* 

Donate Bk. 14* 92 AS— ISO 184* 185* 44* 

is** ion, 8 


436 


49* 2272 
44* 33X7 
-4* 13X7 
-4* 2321 
49* 12.97 


Uontetfna F. 2% 90 AS 
Wortd Bank 14*92 AS — 
Canadian Pac. 10*90 CS- 

Ctoyderr 
GcanrFln.: 

CMAC9*92I 
Royal TmSEO 10* 90 CS 

Sean Aec. 10* 92 CS 

Coca-Cola F. C. 17 90 NS 
Diamaric 17* 89 NS — 
UflBewer Cap. 27*09 
Copenhaoen ChpV 96 Ecu 


rCocjin.20«.CS-. » 19S* 

ftSeS-.^Z 3 «* 


183* 104* B f 

mo* in* -9* ~g* 

a 


El 8 7*91 Ecu 
ElB8*93Eca 


l«* 

M* -ft 
75 MU* lSk -0* 

73 tan* 3*2 -i* 

73 ms* m* -4* 
50 199* Me* 0 

SB 199* MB* 0 
48 102 183 0 

3» MO* 188* +4* 
2N 105* 186* 44* 


am 


lass 

9XD 

9X1 


Watt Disney 8*94 Ecu — 62 1M* MB 

FMaod691 FI MB 


Mart Bk. Oaomark 6 91 Ft 
T)gssen7*90n 
Wewanea6*90R — 

American Brand 9* 94 £_ 
; OC 10 94 £ 


99* ISO* 49* 


Eapres 

twBmdc 


102* U9 
MS* US* 
!». Mft 


9*97£ — 75 10ZV US* B 

HgNtBcgkLSeb 10* V7S IN W Bft -ft 

lmp.Cbom.tnd*. 10 03 MB UM* 184* -4* 

Imp. Chm. Ind*. 10* 92 £ 75 IMS* 104* -9% 

tom. In tad*. Itt. ID 93 £ 68 187* MS* 9 

Land Securities 9* 07 C— » Wi Ui -ft 
Leeds Bldg- Soc. 10* 4U £ SB MB* MS* • 

Nationwide BS 10* 95 £ 75 1*3* 183* B 

MSWTreaiury 1D%92£— » 187 187* 

RM3lliaee.Un.92E « MS Mi* 44* 

XSMnterylO*93£ 6S IN 186* 4«i 

Troasouse Forte u* 90S 58 taoe* 104* -fa 

World Bank 11*95 £ MO US* XU* 49* 

CoE8*95LFr « IN* 185* _ 

EIB8*99LRr UN |U4 MS 0 

FLOAT! RS BATS 
N0TVS 

»393. 


1657 
B 17X7 
• 1?M 

49* 836 

49* 723 

-8* 732 

4ft 7X8 
+0* 5.99 


44* 92X 

44* «3> 
44* 9L47 

44* 4U44 

44* 922 

44* 9X8 


44* 41* 8X9 


**a 




Stag. 94 £ i 

Beighvn,KlMdamar91 — • 
BrtiannU593E — *• 
Chase ttantaltaa Corpn. 91 4J. 
CWcorp9B i ■* 

Credit Ljomwri 5 00 06 

EEC 3 92 DM ~ 

EEC 5* 93 ECB _ 

Halifax Bldg. Soc. £94 
MUtand Bank 01 £-—__ _ 

MIK Mrittg. Board 5 95 £ 46 

hew Zealand 597 £ 637 

New Zealand 501 — * 

Sbetmon Lehman HWgfc VI .8* 
UMtod Kktgdom 5 92 — 4 
WoodstdeFlnandal 5*V7 - • 
WoohrieASVS £. 




Aries 5 92 DM 


Fob Bank 2*00 —IMS 1623 «U 

Heaey loOotriesS 00 US 676 22Z* 


Sta 

•ftar 

exta 

tan 

188X7 

188-45 

•v 

638 

99JS 

K72ZJ 


11X5 

99JS 

ISMS 

■ 

6*9 

9US 

99X0 

tz 

1131 

4894 

K , * ■ I 


6S6 

47-» 

■ . i . T 

/ “ 

633 

SMI 

■ ' i, I 

TZ 

6X9 

94X9 

ll ' Tj 


439 

199 JO 

99X1 

3M4 

7X1 

SMI 

99X2 

MS 1346 

96X6 



XUS 

99X6 


f-', ‘1 

h • r - ■ 

9937 

99X7 

H 1 - 1 

EO 

99X6 

99X4 

4188 

6X1 

91X5 

9935 

6*5 

694 

MM 

180X9 

7(04 

63S 

9939 

99X9 

28*4 


99X8 

49X5 

arr-m'T-m 

i Nf ■ «i woo6 

B*. 

— OlOS 

«»•- 


too M 
71 MO 

Mtaf 

341 

X 

Pro* 

62V 

m e 
m 127 * 

96 

4 

7837 

m 

-ft 

-1X2- 

00 286* 

258* 

-ft 

346 


Fn3tsu39V. 


MItoul Bank 2*01 . 
MKsal Tnat2*01 — 
MiermsJ* 00.- 
tnppoRE)ec,2*00 — 
MpOOdOHCo.300-- 
0WEIetlnd.3*99- 
Qmrao1taeisi2*a2 — 
Sonw* Bank 2*00 
Sanlttaiw B o nk 2* 00 ■ 
Tostdte Ceramics 300. 


SJ84 IMS 322* 12J* +ft 
w W Uft Mft -ft 
MS 3735 «7* 438* -» 


-ft -*» 


-437 

-1X9 


-1» 


635 

192X6 

331 

1X> 


IIMutoMT ma*- 

IBM 1998 M5* 387* -4* 

7JS4 1998 169 Ul +9* 
USXHS 227* 228* +9* 

MS 925 261* 269* 42* 

MM MS 124* 126 41* 

4*7 2358 98 91* +1* 

IMS 1442 «ft 410* -7 
MS 2142 399* 480* -7* 

«S 1734 328* 325 * +S* 

MtaMaWC0b7*92SFr- Mt JM 1246* 141* +* 
VdftMB»kolZ*ai-lM6 1845 225 217 -** 

•th, hif o nw MlflP toft ttble pre ri oat day's price. 
tOnfr one market maker raepHcd a price. 

«MMM SrntaK The »Md h the yiata to rednptloa el fte 

tawd k to oilAte of cmroavr wdif «eopc tar Yea borii 
Where It k ta bUSoct. CNngg on weeto-chmgo aw price ■ «Mc 
civNcfa 

Ptotate NoieNriemPenoitdBotadtadoHowilomiiNi blii tafiteri 

Coupon Mown b mtatokM. tdta-Dit* wrt ceupoi toam e effy 
tbe. Spraod-Mwln obsra I buMh ottered rate ti iluee-raatdii; 
to rtaie) tar U5 dpOjtr*. tUpo-'h* cunrni hwoo. 

Denombmlad fat ddRVl urdera mksrorke Imflteed- 


-131 

B2B 

1736 

B23 

-4.94 


f abate mean 


mg day-Chme on dnr. Cue, dM-Flmt dam tar ctnentan taa 
tens. Cm. price-Nomhal amowK cf bond per ten ogreari ta 

brar 0 k BMK recipe price of te teres. 


DATASTKEAU ImaiuM lo M . 


Row breaks 
over £75m 
convertible 
for P&O 

By Our Euromarket* Staff 
P&O, THE Ship p ing, pro- 
perty development and con- 
struction group, yesterday 
launched a £7 5m convertible 
Eurobond, its debut in the 
market and the first equky- 
Uzzked torn tor a British 
company since UK institu- 
tional shareholders stepped 
up their opposition to such 
deals. 

The issue was immediately 
criticised by the Association 
of British Insurers, the 
grouping of insurance com- 
panies which has been seek- 
ing to enforce shareholders' 
“ pre-emption " rights — the 
right of first refusal on new 
shares. 

The association said the 
preahan to which the bond’s 

price quickly moved in the 
market demonstrated its 
argument that such Issues 
dilute the value of existing 
holdings. The premium, it 
said, illustrated the market’s 
recognition that the bonds 
were being offered cheaply, 
and showed that there was a 
transfer ef capital value from 

xrteflTig olmifhg Mfni to 

buyers of the bonds. 

Warburg Securities, as lead 
manager. rejected these 
claims. It said the 15-year, 
4f per cent bonds Initially 
traded at par when they were 
launched after an early rise 
in the UK stock market 
yesterday. The bond price 
then rose to Just over 108 as 
PAD’S share price rose to 
dose at 647p, a 17p gain on 
the day. 

The conversion price was 
fixed in advance at »S0p— 
rather t ha " the iwroni prac- 
tice of keeping the Issue 
terms open — partly because 
P&O had previously made an 
issue of warrants to existing 
shaerholders at this price. 
The price represented a rela- 
tively high 19 per cent pre- 
mium above Tuesday's dose. 

The P&O issue fell within 
the new, tighter guidelines 
issued by the Insurers’ asso- 
ciation tot mouth for such 
issues. It said it would not 
countenance issues which 
would lead to expansion of 
a company's equity by more 
than 2\ per cent, more than 
halving the scope for Inter- 
national share and convert- 
ible bond Issues by UK com- 
panies. 

Sir Jeffrey ' Sterling, P&O 
chairman, said the company 
7 been co ntemplating a 
range of £75m to £ 160 m for 
its Issue. “But £75m suits. us 
and It happens tor suit , the 
guidelines too.” 

The bond has a seven-year 
put option which provides a 
yield of 82 per cent— a con- 
troversial feature because 
some issues with put options 
have traded at high pre- 
miums. 

Sir Jeffrey said the pro- 
ceeds would be used for 
refinancing the company’s 
properay portfolio In the US 
and UK. 

See Lex 


Privatbanken 
equity issue to 
raise DKr 368m 

By Our Banking Editor 
PRIVATBANKEN, one of 
Denmark’s leading banks, 
yesterday launched a Euro- 
equity issue designed to raise 
about Mr 368m (355m) qf 
new capital from International 
investors. 

Hr Bent Pedersen, the 
managing director, said the 
issue was prompted partly by 
Privatbanken’s growing pre- 
sence in the international 
marketplace md partly by 
the saturation of the banking 
sector of the Danish stock 
market which had made it 
difficult to raise new equity 
there. Privatbanken has 
80,000 shareholders, of whom 
10 per cent are outside 
Denmark. 

Privatbanken claims to be 
the most international of the 
Danish banks. It has helped 
develop the Euro - Danish 
krone bend market, and It is 
also one of the largest dealers 
ma the domestic securities 
market. The issue comes in 
the run-op to Denmark’s 
“big bong" next year, when 
the traditional monopoly 
eutoyed by brokers will be 

Last year. Privatbanken 
made a net profit of DKr 61m, 
down from DKr 510m the year 
before. The sharp fail was 
accounted for by DKr 778m of 
losses on securities holdings, 

which, under Danish account- 
ing standards, have to be 
written down to market 
value. Excluding such gains 
and losses, Privtabanken’s 
1936 profits were DKr 6I9f, 
up from DKr 383m in 1983. 

The Issue of Uo shares. 

equivalent to 13 per cent of 
the equity, will be priced on 
tiie bairfs of Privatbanken’s 
Quotation on the Conenhagen 
Stock Exchange when the 
issue doses next week. Tester- 
day, the shares were being 
quoted at DKr 27?. 

Mr Robert Taylor of 
Morgan Stanley, which is 
leading the issue, said that 
demand had been strong and 
he expected the issue to be 
oversubscribed. He also ex- 
pected to sell some of the 
shares in the US through a 
private placement. 


Investors stay loyal to A$ bonds 


BY CLARE PEARSON 


EVEN ON the blestest of days 
in the Eurobond market this 
year, when most other currency 
sectors have been dosed to new 
issues, prodigious quantities of 
new bonds have been appearing 
in the Australian dollar market 

Sor far in 1987 more than 
AS7bn worth of new issues have 
emerged, already outstripping 
the total for the whole of 1986 
by A$i.7bn. Although indiges- 
tion has occasionally occurred, 
most o£ these bonds have been 
readily absorbed by investors. 

The transformation is striking 
because only this time last year, 
after a sharp fall in the Aus- 
tralian dollar, investors were 
shuddering over their losses 
and sending angry letters to 
their bankers demanding to 
know why they had been en- 
couraged into this ill-starred 
market. 

But investors perhaps have 
short memories when it comes 
to bonds with double-digit 
coupons and is any case they 
have seen the sector as a classic 
“recovery story" buy. 

They have taken their cue 
from the foreign exchange 
market which has been happy to 
place faith in the Labor Govern- 
ment’s ability to restructure the 
economy, despite the Herculean 
scale of the task given Austra- 
lia’s huge budget deficit, slug- 
gish export performances and 
inflation still close to double 
figures. 

Borrowers have been keen to 
oblige investors with a flood of 
new issues, since they have been 
able to swap Australian dollars 
for attractive funding in other 
currencies. The growth in this 
sector is an example of the 
increasingly swap-driven nature 
of the Eurobond market since 
very few of the issuers have a 
natural demand for Australian 
dollars. 

Just at the moment, some 
dealers say the market may have 
temporarily run out of steam. 

Yesterday's pre-budget expen- 
diture statement by Mr Paul 


Keating, the Australian Trea- 
surer, for the fiscal year 1987-68, 
which far exceeded expectations 
by cutting AS4.05bn off the 
prospective budget deficit, may 
prove an opportunity to take 
profits for investors who have 
had a tremendous run out of a 
strengthening currency and 
falling Australian interest rates. 

On the other hand, Mr Keat- 
ing's statement has underlined 
tbe point that, these days, the 

Australian market should be 
taken seriously. Growing reali- 
sation of this -— combined with 
the parlous state of most other 
sectors of the markets — has 
transformed the Australian 
dollar Eurobond market over 
the last few months. 

As one syndicate manager 
put It: “What we have been 
looking at is the metamorphosis 
of a small retail market into a 
fully-fledged professional mar- 
ket" 

For the Eurobond market 
this has meant that houses 
active in Australian dollar new 
issues have acquired a much 
higher profile, while many 
houses that used to concentrate 
on the Eurodollar sector have 
been scrambling to get in on 
tbe action. Meanwhile, dealers 
have bad to be redeployed from 
other markets to cope with the 
explosion in secondary market 
turnover. 

Volumes have been boosted 
by the appearance of new insti- 
tutional buyers from the Far 
East the US. and Europe to 
swell the ranks of the tradi- 
tional German and Belgian re- 
tail buyers. 

This has had implications for 
the price performance of the 
bonds. In the days when they 
used to be tucked away in re- 
tail accounts, price changes 
were slow. Now they respond 
more , quickly to movements in 
the currency and tbe Australian 
domestic bond market 

Tbe participation of insti- 
tutional investors allows issues 


to be placed much more 
rapidly, fuelling the growth is 
new issues, but at the same 
time making placement much 
less firm than it used to be. 

A wider variety of borrowers 
have been able to top the 
market as it has expanded. The 
West German financial institu- 
tions beloved of the traditional 
retail investors have been 
joined by high quality bor- 
rowers with a more inter- 
national appeal, such as 


Australian Dollar 



General Electric Credit and file 
World Bank. 

At tbe same time, issuers that 
have not been traditionally 
favoured by the Belgian and 
German investors, such as 
French banks, have also been 
able to borrow in the market. 

There has also been a diversi- 
fication In the types of bonds on 
offer for instance, bonds with 
maturities of over five years 
have been appearing. These 
used to be thought unsuitable 
in this market; retail Investors 
are not attracted to them be- 
cause they provide a lower 
coupon than a shorter-dated 
bond, reflecting the downward 
slope of the Australian bond 
yield curve. 

Professional investors, on the 
other hand, have liked the 


longer maturity bonds, taking 
the view that domestic interest 
rates are coming down. Once 
this happens, a longer-dated 
bond offers a greater oppor- 
tunity for capital gain. 

Other innovations have 
included the first conventional 
floating rate note in Australian 
dolars, issued yesterday, and 
bonds with reflxable coupons 
that give the investor a play on 
the yield curve. 

Bankers, however, see a num- 
ber of constraints, aside from 
a shift in sentiment towards tbe 
Australian economy, which 
could slow growth after this 
period of rapid expansion. 

Tbe first is that issues are 
getting harder to arrange be- 
cause swap counterparties in 
Australia are increasingly thin 
on the ground as the view 
spreads that Interest rates are 

coming down further. Potential 

counterparties are preferring to 
wait to lock into funds. 

A second constraint is the 
sharp decline in coupon levels 
already noticeable in the mar- 
ket. With the precipitous de- 
cline in domestic rates, issues 
have been coming on ever 
tighter terms: the days when 
investors could obtain a 15 per 
cent coupon are now long gone, 
and coupons are around 14 per 
cent on shorter-dated bonds. 

These two factors add up to 
pressure for more aggressive 
issuing terms, which is en- 
hanced by increased competi- 
tion among Eurobond houses as 
more and more go in search of 
Australian dollar mandates. A 
string of unrealistically priced 
bonds could destabilise the 
market — a development so 
reminiscent of the healthier 
days of the Eurodollar sector 
that it would perhaps conclude 
tbe Australian dollar markets’ 
coming of age. 


Brazil arranges first debt for equity swap 


BY DAVID IASCHJ.FS, BANKING CORRESPONDENT 
TWO BANKS, the Bank of Scot- The IFC initially became a 
land and Northwest Minne- shareholder in PCC when it 
apolis, have concluded a $25m helped start up the company 
debt-equity swap with the Inter- in 1966. Since then its invest- 
national Finance Corporation, a ment has been enlarged as it 
subsidiary of the World Bank,- has supplied more capital. Now 
over assets in Brazil. that PCC is operating profit- 

The hanks are exchanging ably ’ however, the IFC is 


Brazilian loans for the IFC’s 
28.7 per cent stake in Pape! e 
Celulose Catarinense, a leading 


obliged by its charter to dispose 
of its investment 
The swap was arranged 
jointly by Morgan Grenfell, the 


Brazilian paper and pulp com- UK merchant hank, and Banco 
pany. The banks will divide Bozano Simon sen de Investi- 
the stake equally. mento, tbe Brazilian investment 


bank. Negotiations lasted seven 
months. 

Mr Richard Halcrow, the 
Morgan director who handled 
the deal, said he believed it 
was the first time the IFC had 
called in outside advisers to 
arrange a disposal, it was also 
one of the few debt-equity 
swaps concluded by Brazil, 
which does not have formal 
arrangements for such deals 
like Argentina and Mexico. 

Mr Halcrow said the banks 


would obtain a yield of about 
4-5 per cent on their invest- 
ment, which would be paid in 
dollars rather than in Brazilian 
cruzados. Further deals may be 
in thet pipeline, he said. 

Mr Peter Burt, he general 
manager of the Bank of Scot- 
land's international business, 
said yesterday: “This deal en- 
ables us to make a worthwhile 
reduction in our loan exposure 
to Brazil." His bank was con- 
sidering further deals. 





Federal Business Banque federate 
Development Bank de developpement 


CanadS 


A$50, 000,000 

14% per cent Note s due 1989 


The following have agreed to subscribe or to 
procure subscribers for the Notes 


Citicorp Investment Bank Limited 


Commerzbank Aktiengesellschaft • McLeod Young Weir International Limited 

S.G. Warburg Securities • Wood Gundy Inc. 


Banque Bruxelles Lambert S . A • Banque Internationale a Luxembourg S.A. 

Banque Nationale de Paris • Berliner Bank Aktiengesellschaft 
Berliner Handels- und Frankfurter Bank • Credit Lyonnais 
Daiwa Europe Limited • Dresdner Bank Aktiengesellschaft 
Goldman Sachs International Corp. • Merrill Lynch Capital Markets 
Swiss Bank Corporation international Limited • Union Bank of Switzerland (Securities) Limited 

Wesjpac Banking Corporation 

Application has been made to toe Council of The Stock Exchange for the Notes, issued at a price of 101’/, percent of par, to be 
admitted to the Official List 

Interest on the Notes is payable annually in arrear. The first payment fete due on November 28th, 1988 in respect of the period 
from and including May 28th, 1987 up to and excluding November 28th, 1988. 

Listing Particulars relating to the Notes and the Issuer are available in the statistical service of Exiei Financial Limited and copies 
may be obtained during usual business hours up to and Including May 18th, 1987 from toe Company Announcements Office of 
The Stock Exchange and up to and including May 28th, 1987 from: 


(Monk, NA, (CSS* Department 

Citibank House, 

336 Strand, 

London, WC2R1HB. 


Semrgeour Vickers & Co. Ltd. 
20 CopthaB Annua, 
London, BC2R7JS. 


May 14th, 1987. 




















22 


Financial Times Thursday May 14 1987 


UK COMPANY NEWS 


Trans Atlantic fails to win 
seats on Sun Life board 


BY ERIC SHORT IN LONDON AND JIM JONES IN JOHANNESBURG 


TransAtlantic Insurance Hold- 
ings, an associate company in 
Liberty Life of South Africa, 
has .failed in its attempts to 
obtain representation on the 
board of Sun Life Assurance 
Society, although it is the 
largest shareholder with 25.73 
per cent of the equity. 

However, Mr Donald Gordon, 
Liberty Life's chairman and 
idiief executive and chairman 
of TransAtlantic, said Mr Peter 
Grant, Sun Life's chairman, had 
won a pyrrhic victory- “The 
fight has cost Sun Life a lot of 
money and we remain in the 
same position as we were before 
the fight began,” he said. 

He warned the Sun Life board 
that in any future dispute 
TransAtlantic would ensure it 
could muster a majority of the 
votes." 

Liberty Life, though Trans- 
Atlantic, has been the largest 
shareholder in Sun Life for 
several years. However, all 
attempts by Mr Gordon to 
secure some form of co-opera- 
tion between the two groups 
have been rebuffed by Sun Ltfe. 

Indeed, Mr Grant has con- 
sistently said that co-operation 
on Mr Gordon's terms were 
tantamount to control of Sun 
Life by the back door. 

Liberty Life tried to break 
ifcis impasse by proposing 


three Tra ns At l antic executives 
for the board, including Mr 
Mike Middleman, its chief 
executive. 

The Sun Life board's reac- 
tion was one of total opposi- 
tion. It has apent more than 
£500,000 in a publicity cam- 
paign to shareholders attacking 
the move in highly personalised 
terms. 

The showdown came yester- 
day at the Annual General 
Meeting held at fthe Goldsmiths 
HaU In London, where the 
meeting centred on a dialogue 
between Mr Grant and Mr 
Mdckfiemas, Mr Gordon having 
his own egm in Johannesburg. 

Mr Middlemas attacked Sim 
Life's new business perform- 
ance, da-imHig ]t fell below the 
industry average and accusing 
the board of giving misleading 
figures to shareholders. He 
said -the election of himself 
and two colleagues would be 
beneficial for Sun Life by 
broadening the expertise of the 
board. 

Finally, he said he deplored 
the personalised attack on the 
nominations, claiming the 
whole business was not good 
for Sun Life, its shareholders, 
its policyholders or its staff. 

Mr Grant said the nomina- 
tions were simply another ploy 


in the attempts by Mr Gordon 
to get control of Sun. Life by 
the back door. 

Shareholders rejected the 
nominations in a poll vote by 
2:1 of votes cast with hardly 
anyone supporting Trans- 
Atlantic. Bat TransAtlantic 
made it clear that it would not 
give up and claimed that it 
would be in everyone's Interests 
to resolve the impasse. Mr 
Mlddlemas said that a merger 
between Sun Life and Trans- 
Atlantic could do nothing but 
good for everyone. 

Mr Gordon attacked the posy 
system in the UK, whereby no 
information was available on 
the way proxy votes bad been 
cast. He claimed that institu- 
tions had indicated that they 
had supported Sun Life on this 
occasion solely on the under- 
standing that the differences 
were resolved. 

Mr Grant agreed that the 
impasse had to be resolved and 
that he would again be seeking 
ways of doing this. But he was 
less adamant that he would not 
consider any move that gave 
control to TransAtlantic. 

He claimed the vote as a 
total victory for the board 
and that the future develop- 
ment of Sun Life could con- 
tinue to be planned in the 
interests of all shareholders. 


Guinness 
shares placed 

By Clive Wolman 
James Cap el, the stock- 
brokers. yesterday placed 43.4m 
convertible preference shares 
in Guinness at a price of 107 ^p 
per share. 

The shares were held by 
Greatbrand Limited, a company 
set up by Guinness and its 
merchant bank adviser, Morgan 
GrenfeU, In April 1986 to buy 
shares in Distillers which were 
held by institutions that assen- 
ted to tbe £2.5bn takeover bid 
for Distillers by Guinness. 

The transactions involving 
Greatbrand were disclosed in 
accordance with die Companies 
Act. 


CHURCH & CO: AGM told that 
retail trading had been excel- 
lent in UK, Canada and the US. 
Factory orders were satis- 
factory, but half year results 
may be affected by exchange 
rates if weakness of dollar con- 
tinued. 


Cfaas. Barker warns on 
interim profit rise 


BY SIMON HOLBERTON 

Charles Barker, the public 
relations and advertising group, 
said yesterday it did not expect 
interim profits this year to 
show a marked improvement, 
although prospects for the year 
remained encouraging. 

The company made this 
profit forecast when it 
announced It had paid the for- 
mer shareholders of Norman 
Broadbent International (NBI), 
a second tranche of £12J.5m 
following its acquisition of NBI 
last May. 

"A significant contribution is 
expected from NBI, but the 
total performance (of Charles 
Barker) will be affected by a 
shortfall in client expenditure 
and the costs of relocating 
several companies to new 
premises,” the company said. 

It added that prospects for 
the year remained encouraging. 


reflecting the traditional 
seasonal increase in operating 
income in the second half. In 
the first half of 1986 the com- 
pany earned pre-tax profits of 
fl.56m, and during the second 
half profits of the year of 
£1.87 m. 

Charles Barker raised the 
second tranche funds through 
the issue of 1.6m shares, of 
which 1.4m were taken up by 
institutions and the remainder 
by NBFs former owners, at a 
price of 133p a share. These 
shares were issued at a discount 
of around lOp on the pre' 
market yesterday which 
at 14Sp, down 2p on the day. 

In May last year, the com- 
pany paid NBTs owner £3Lm in 
cash and shares. In May next 
year a third tranche, calculated 
on this year’s profits, will com- 
plete ‘he purchase. 


Racal-Chnbb buys 
National Foam 

Rfeal-Chubb, the security 
subsidiary of Racal Elec- 
tronics, has agreed to buy 
National Foam Systems, a 
subsidiary of the Eaten* 
Corporation, for filfim 
(£9 Jim). 

National Foam, which is 
based near Philadelphia in 
the US, manufactures foam 
nozzles, manKora mid other 
fire-fighting products. Racrf- 
Chnbb, which was formed 
when Racal bought the old 
Chubb lock-making company 
in 1984, already lias 
fire technology in the UK, 
but National Foam would 
represent its first move Into 
the US market. 

CENTRAL & 5HEERWOOD 
announced that contracts had 
been exchanged for the sale by 
its subsidiary, Newton Cham- 
bers, of that company's free- 
hold interest in the 450-acre 
TJiomcliffe Estate, near Chapel 
town. South Yorkshire to 
Humberside Commercial pro- 
perties, a Beveri ay-based pro- 
perty company, for £2 .3m cash. 
The proceeds will be used by 
C&S to reduce bank borrow- 
ings. 

BROAD STREET GROUP has 
agreed, in principal, to acquire 
Raymond Rudd Training, a 
company formed to acquire the 
presentational training business 
carried on by Raymond Rudd. 
Completion is expected within 
four weeks. The purchase prize 
comprises an initial payment of 
£180,000, with four subsequent 
annual payments based on 
future profits up to and includ- 
ing those for the year ending 
April 30 1992. 

BEMUD QUALCAST has com- 
pleted planned divestment of 
its UK engineering companies 
via disposal of Plastic Engin- 
eers. subsidiary to a manage- 
ment consortium, backed by 
Investors in Industry. Blrmid 
has also sold Its loss-making 
kitchen furniture manufactur- 
ing business to Cardmore. 
Disposals will realise initially 
a total cash consideration of 
some £Im. 


PETER BLACK Holdings has 
acquired Hornsea, a wholly- 
owned subsidiary of Alexon 
involved in the manufacture 
and marketing of pottery, for 
£L2m in cash. 


Snnleigh Electronics, the elec- 
tronics holding company which 
increased its contested offer for 
generating sets manufacturer, 
Dale Electric, on Friday, has 
announced acceptances in 
respect of just 0.31 per cent of 
Dale's shares by the first close — 
also Friday. Sunleigh itself 
holds 8.34 per cent of Dale's 
shares. 


Christopher Parkes on Reed International’s planned divestment 

Scene set for some paint stripping 


REED INTERNATIONAL 
yesterday gave up the race to 
jon the premier division; in the 
global pain Quakers' league. 

It has bid valiantly for 
promotion in the pa st fiv e 
years, acquiring substantial 
overseas Interests to add weight 
to its Crown Paints business in 
the UK and build on the North 
American base rt established in 
the 19608 with the purchase of 
General Faint of Canada. 

However, at the same tone, 
the international heavyweights 
were also in the market, scoop- 
ing up prime targets weakened 
by recession and rising raw 
material prices. 

The result Is a Top 10 made 
up of US, British, Dutch, West 
German and Japanese com- 
panies, and dominated by 
Imperial Chemical Industries. 

Against Id's annual sales of 
720m litres, the 60m litres sold 
by Reed’s Crown Paints seems 
modest indeed. 

But it is attractive enough to 
rouse considerable interest 
among the manufacturers seek- 
ing to erode ICTs lead fit tbe 
global paint business. 

With its strong Crown, and 
Poly cell brands in Britain, 
Frazee, General and Parker 
names m the w estern US and 
Canada, and promising interests 
In Europe, Reed's paint and DIY 
division will be almost certain 
to attract hihghly competitive 
offers from all the leaders. 

All except ICL While it may 
be interested, a bid to add 
Crown's 17 per cent share of 
the British market to its exist- 
ing 34 per cent slice would land 
it in monopolies trouble. 

Reed wants to sell toe divi- 
sion quickly as a job lot and 
avoid the complications of dis- 
entangling various bits and 
,, <N*es for sale to a selection of 
bidders. 

Mr Peter Davis, group chief 
executive, said yesterday that he 
hoped to make "a further an- 
nouncement ” towards the mid 
of June. 

First in line is a management 
buy-out team, headed by Mr 
Peter Burns, chief executive of 
Reed’s paint and DIY group, 
and backed by Charterhouse 
Development CapitaL 
Mr Paul Lever, a consortium 
member, and currently manag- 
ing director of Crown Paints, is 
in no doubt about toe likely 
strength o fthe counter-bidders 
in the auction — or the competi- 
tion the management will face 
should it succeed. 

However, he said, emphasis- 
ing the nimblesness of a 
medium-sized independent com- 
pany: “A good welterweight 



Paul Lever (left) and Peter Burns, management men with 
eyes on toe Crown 

always has a chance against a tactics of toe multiple retailers 
heavyweight” end • the proliferation of own- 

Crtr.Tn had a chance to flex label products. But dlyereifica- 
its muscles to 1985, when it bid 5°® - into DIY se^urUy ami 
for B Iundell-Pe nnoglaze, losing *©“Me has proved that 

out to Akzo of the Netherlands, toe name can be transferred 


which a year later went on to 
pick up Blue Circle SandteX, 
another significant force in the 
UK. 

Akzo is currently sixth in the 
world league; with volume sales 
of some 270m litres. 

To add to that disappoint- 
ment, Reed has fared relatively 
poorly at home. Coming from 
behind Id with the introduc- 
tion of solid, spatter-free paint 9 
and having to spend heavily to 
counter toe promotional advan- 
tages of the Dulux dog, Crown 
has sen its market share eroded. 

The situation was eased last 
year by a price rise which 
stuck, for once, improved 
efficiencies and a 4 per cent 
surge in paint market sales. 

After much hesitation, Crown 
has also recently entered toe 
own-label business, picking up 
worthwhile contracts . from 
Salisbury's Homebase (Mr 
Davis's old company), the 
Asda supermarket chain, and 
toe Texas and RMC do-it- 
yourself retailers: 

According to Mr Lever, 
Crown’s lOm-litre annual sales 
overseas make it Britain’s lead- 
ing paint exporter./ and have 
given it brand leadership in toe 
Middle East as well as helping 
it develop a reputation in 
Europe. 

PoIycelTS filter, paste and 
painting aids business has 
been under pressure from the 
margin-squeezing ■ 


to other products. 

However, the North 
American business is the 
greatest attraction In tbe 
package on offer. According 
to Ms Bronwen Maddox, analyst 
at Grieveson Grant, Mr Davis 
will find it difficult to sen the 
business in one piece to any 
bidder apart from the manage 
meat team or without its being 
split after sale. 

“The skeleton is there, Jf 
anyone wants to build on it," 
she said, estimating that toe 
US and Canadian businesses 
accounted for more than half 
the division’s profit last year. 

Reed had been looking for 
further growth to the US, and 


had high hopes of spreading 
away from the west coast. 
However, ICTs swoop fast 
August on Glldden. the 
Hanson Industries subsidiary, 
which gave it 283m litres extra 
volume sales, was a grave 

fl c tbflck. 

Already suffering in toe home 
market, Reed was in no mood 
to tackle ita greatest adversary 
on the other side of the Atlan- 
tic as well. It was onlv a mat- 
ter of time before yesterday's 
sale announcement was made. 

Crown was declining. Polycell 
was making marginal profits 
and the European interests In 
West Germany and toe Nether- 
lands were under-developed. Ms 
Maddox said. 

According to Mr Lever, toe 
Frazee and Parker businesses 
in the US have marker leader- 
ship in Arizona and around San 
Diego. According to Ms Mad- 
dox, these companies, along 
with General Paint In Van- 
couver, offer precisely the type 
of niche and regional power 
which the big leaguers have 
made their speciality. 

For this reason alone, she 
says, the offer for sale will 
attract “loads” of bidders. 

The wording of Reed’s news 
release yesterday, which said 
its advisers Klein wort Benson 
would be contacting “a num- 
ber of other potential pur- 
chasers who have expressed an 
interest.” suggested to her that 
the parent was not bowled over 
by the consortium's approach. 

The management's financing 
package may be In place and 
there may be certain advantages 
in selling to a group keen to 
maintain the Integrity of toe 
division, but the “ bit more " 
which Mr Lever said he had in 
reserve might prove to be a lot 
less than he needs to out-punch 
the heavyweights. 


DIVIDENDS ANNOUNCED 


Anglo Irish Bank .. Jnt 

CFS 

External Invest Tat 

Glevee GP 2.5 

Henderson Group ...... 

Land Securities 
London Trust ........ 0.75 

Katoetv 

Stylo 

Whessoe .tat 

Dividends shown pence per share net except where otherwise 
stated. ~ * Equivalent after allowing for scrip issue- t On capital 
increased by rights and/or acquisition issues, t USM stock. 
5 Unquoted stock. I For 43 weeks to January 31 1987. || Irish 
currency- 



Date 

Corres- 

Total 

Total 

Current 

of 

ponding 

for 

last 

payment payment 

; div 

year 

year 

: 00.96 

__ 

0.96 

— 

02 

*2.2 

July 2 

1.5 

3 

2J2 

, 105 

— 

8.5 

18 

14.5 

, 2.5 



2.3 

3.7 

3.3 

5 

July 13 

4.5 

7.5 

7 

7.75 

— 

6.9 

11 

9.8 

0.75 

Aug 7 

0.75 

0.75 

075 

3 

— 

075 

4|| 

3 

5 

Oct 2 

4.5 

5 

4.5 

: nil 

— 

2.5 

— 

5.5 


e 




u 


THREE 

MONTHS’ 

REVIEW 


ASSURANCE 

Profit increases 
to £ 28 . 2 m 


★ Unaudited profit before taxation improves 
by £ 15.8m. 

★ Substantial development of life and savings 
business. 

★ Major insurance markets remain firm 
despite some signs of increased competition. 


★ United Kingdom profits increase 
strongly despite severe weather. 

★ United States maintains progress. 

★ Good results continue in other 
territories. 


MAIN FEATURES OF RESULTS 
Total premium income 

3 months 
1987 
Unaudited 
£m 

838.8 

3 months 
1988 
Unaudited 
£m 

714.1 

Year 

1986 

Actual 

£in 

2.765.9 

Life profits 

19-8 

18.0 

88.2 

Non-life operating result 

8.4 

(5.6) 

30.9 

Operating profit before taxation 

28.2 

12.4 

119.1 

Taxation and minorities 

(10.7) 

(7.5) _ 

(36.4) 

Realised investment: gains 

18.0 

15.6 

. 77.2 

Profit attributable to shareholders 

35.5 

20.5 

159.9 

Shareholders* funds 

£l,416m 

£ 1,336m 

£ 1,428m 

Earnings per share 

8.61 p 

4.97p 

38.77p 

Operating profit before taxation 

£m 

£m 

£m 

United Kingdom 

193 

113 

97.5 

United States 

<L3) 

(7.1) 

(23.0) 

Netherlands 

10.2 

9.6 

50.1 

Canada 

23 

2.0 

6.2 

Rest of the World 

7.0 

6.6 

29.1 

Interest on central borrowings — external 

(53) 

(5.8) 

(22.3) 

- intra-group 

(4.0) 

(4-4) 

(18.5) 


28-2 

12.4 

119.1 



assurance 


Commercial Union 

Assurance Company pic 



Ultramar 

1987 -THE FIRST QUARTER 


RECOVERY CONTINUES 


■ The Group’s cash flow for the first 
quarter was £41.6 million. Net profit was 
£153 million, 15 ) more than 50% over last 
year despite the strength of sterling. 

a Results reflect an outstanding 
performance in Eastern Canada and the 
successful integration of the marketing 


network purchased from Gulf. 

■ Several important initiatives have 

improved the Group’s financial position. In. 
particular, the UK marketing operation 
was sold for £47.6 million and £40 million 
has been raised through a Eurosteriing 
convertible bond issue. 


SUMMARY OF FINANCIAL RESULTS 

Hist Quarter 
1987 
£ mill km 

First Quarter 
1986 
£ million 

Sales revenue 

326.9 

406.5 

Net profit 

15.3 

9.8 

Cash flow from continuing operations 

41.6 

39.5 



Ultramar PLC, Morgan House, 1 Angel Court, iondon EC2R 7AU 









Financial Times Thursday May 14 1987 


23 


UK COMPANY NEWS 


- . • 
' i 


r * k ' 


A Fisher £8I.7m rights 
to fund further expansion 


N 


r >.„ : 

■t; 


r o-. ’ i 




Albert Fisher Group yester- 
day launched an '£81.7 in rights 
issue with which to fund the 
next stage of . rapid expansion, 
of its food, distribution and 
service activities. 

The stock market swallowed 
news ofthe one-for-three Issue 
with ease..- Fisher shares lost 
only 4*p to 1693 p, compared 

wrtht be rightsprlce of 154j>. 

Proceds of the cash call will 
put Fisher, in .-the position to 
make an acquisition for as 
much as £150m. Mr Stephen 
Barker, finance director, said 
yesterday. 

There Is no indication, how- 
ever, that the group plans to 
spend all its money in one 
place. Its single largest 
acquisition to date was the 
£38m purchase, from airiness, 
of three food processors for- 
merly owned by Distillers. 

Fisher Intends to continue its 
strategy of consolidating its 

position in the fragmented food 
service markets on both sides 
of the Atlantic. It is the 
largest single distributor of 
fresh produce in fast-growing 
Florida, and hopes to develop 
the same pattern in California. 

“It’s difficult to predict 
exactly whether the next 
acquisition will be in the US 
or in the- UK,” said Mr 
Tony Millar, executive chair- 
man. 

Fisher has aimed, in recent 
years, to maintain roughly a 
50-50 £ 9 lit between earnings 
from the two countries. The 
US contribution . had risen to 
£4m of the £7m pre-tax profit 


Albert Fisher 


,Wne » p»mww 



in the six months to February, 
but this included only four 
months from the Distillers* 
companies. 

' After the rights issue, the 
its share premium acount by 
group also proposes to reduce 
£70m through the creation of a 
special capital reserve, against 
which goodwill arising on 
acquisitions can be written off. 
It did the same with £15m last 
year. 

• comment 

Only one small, dollar-ftbaped 
cloud looms on Fisher's sonny 
horizon. Assets and borrowings 
are carefully balanced, but 
further deterioration against 
sterling could not help but 
just a little of the' gloss off its 
stunning US growth. The fan 


.Club assumes, of course, that 
'the underlying performance 
will turn out even better than 
expected (as It usually has) and 
off-set the currency factor. Cer- 
tainly, Fisher’s approach to the 
market appears to be as astute 
at Its management record. Al- 
though the rights issue closes 
before the election, the timing 
appears to he coincidental 
rather than opportunistic hedg- 
ing against an upset But with 
pre-emptive rights on the City 
agenda, shareholders may feel 
flattered by cash call now 
rather than clawback, later. Hav- 
ing outperformed the' market by 
five times over the same num- 
ber of years, with acquisitions 
enhancing, rather than dilating 
earnings along.the way, Fisher’s 
record supports the p/e of 22 
based on £L8m pre-tax in the 
current year. 


BIGC — Chairman told annual 
meeting that current year had 
started well. BICC Cables was 
seeing benefits from improved 
market conditions and sub- 
stantial rationalisation and 
re stru ct urin g, while Balfour 
Beatty order book at all-time 
high. Overseas companies 
started the year well. 

In the annual report the 
chairman described the exten- 
sive programme to restructure 
and reduce cost boas of the 
company based on experience 
of tiie year to date, he is con- 
fident that 1987 will show the 
benefit from this work. 






L & G shows 
UK advance 

In spite of bad weather 
losses in the UK household 
account, figures for Legal & 
General's first quarter were 
more than double the £8m for 
the equivalent period in 1986, 
Professor Robert Hall, chair- 
man, told the company's AGM 
yesterday. 

New MTtnnal premium busi- 
ness in life and pension s busi- 
ness was S8 per cent up and 
performance on the inter- 
national - front had been as 
encouraging as 1986. 


Pittard wins 8-month bid 
battle for Gamar Bi 


BY NIKKI TAIT 

THE EIGHT-MONTH struggle 
for control of leather manufac- 
turer, Booth, finally 

ended last night with Pittard — 
one of two rival bidders— pass- 
ing the 50 per cent marie, 
though with some shares still 
subject to validation. 

Pittard's advisers. Hill 
Samuel, announced that the 
Aftmpawy either owns or has 
received firm acceptances from 
holders of 48.98 per cent of 
Garner's shares. 


-gEAUm 






NT THOSE- 


(incorporated in England under the Companies Acte 1948 
to 1976 with registered ntanber 1466976— ttninoeeiment 
company under section 266 of the Companies Act 1985) 

Warrants to Subscribe up to 
500,000 Ordinary Shares of lOp each 
in the Company at Tip in the years . 

1988 to 1992 

The* Council of The Stock Exchange has grunted 
permission for the Warrants to be admitted to the Official 
List. Copies of the lasting Itortzculars are available in the 
statistical services ofExtel Financ ia l L imit ed, and m aybe 
obtained, up to and indudinglSthMay, 1987, (by collection 
only) from the Company Announcements Office of The 
Stock Exchange and, up to and including 28th May, 1987, 
from:— 


' Child Health Research 
Investment Trust pJLo, 
St. Martins House, 

16, St. Martin’s-le-Grand, 
London, EC1A4EP. 


Cazenove&Co, 

12, Tbkenhouae Yard, 
London, EC2R7AN. 

14thMay,m7 




They say a further 100,000 
shares are pledged to accept — 
though share certificates have 
not yet been received — and that 
they have bought an additional 
35,000. This would take Pittard’s 
control to 5024 per cent and — 
subject to the validation of 
these nal shares — the offer will 
be declared unconditional. 

However, in the course of the 
recent struggle, rival bidden 
Hillsdown Holdings has amassed 
a stake of over 39 per cent If it 
now decides to -accept the Pit- 
tard offer, this win still rive it 
over 16 per cent of the combined 
group. 

The battle for Gamar Booth 
started last Seotember, when 
Strong and Fisher — another 
leather Kroon — made a £20m 
hostile bid. This was referred 
to the Monopolies Commission 
and, midsway through the in- 
quiry. Strong 1 with drew. 

Pittard subsequently came in 
with a recommended offer for 
Gamar. but a week before this 
was due to dose. Strong sold 
Its 16 4 per cent stake in Gamar 
to Hillsdown. who followed up 
with a rival bid. 

When Hillsdown upped its 
term*, the Gamar board 
switched its allegiance. BUt 
Pittard remxmded by also in- 
creasing its own paper-only 
offer. With Pittard dosing at 
324 d, down 2p yesterday, its 
offer finally valued Gamar at 
just under £S0m. • 

B & A Fflm 

As a result of a news agency 
error, the FT yesterday Incor- 
rectly reported that in 1986 
British and American Film 
Holdings had a debit of £127,000 
retained in a subsidiary. That 
figure should have referred to 
profits retained in subsidiaries. 


This advertisement Is Issued in compli a nce with the mquhements of the 
Council of The Stock Exchange 



CROWN EYEGLASS pic 

(Incorporated In England undar the Comp a n ie s Acta SO - 1961 No. 1759063 ) 

PLACING BY 

CHARLTON SEAL LIMITED 

of 400,000 Ordinary Shares of Sp each at 125p per share 


Authorised Share Capital 


£100,000 


divided into 2,000,000 
Ordinary Shares of 5p each 


issued and to be 
issued fully paid 

£80400 


The business of Crown legless pic is the technical processing of low price, high quality 
prescription spectacles and andHary products and their sate through a network of franchised 
outlets known as Crown Eyeglass Optica! Centres. 

Application has been made to the Council of The Stock Exchange for the Ordinary Shares of 

Crown Eveolass pic to be traded on the Third Market ft fcempfiMisedtfial no appfteaeon has 
bwn made for these securities » be admitted mthe’OfllcialListorto be deaK month® Unlisted 

Securities Market - 

particulars relating to the Company are waBabtein the Extol Statistical Services and copies of 
the prospectus may beobtalned during normal business houreon any weekday (Saturdays and 
public holidays excepted) up to and including 28th May 1987 front: 

Charlton Seal Limited 

City Gat* House 
39-45 Finsbury Square 
London EC2A IPX 


76 Cross Street 
Manchester M60 2EP 


******** THIS INVESTMENT MAY CARRY A H«H DEGHEE OF RISK. 


BMP to buy 
US agency 
for £19m 


By Feona Mdnmn 

Boase Massiml Pollitt, the 
UK advertising agency, is to 
' boy the New York advertising 
agency Ammirati & Puns for 
an Initial U5ff3L8m (£ 19.1m). 
Up to five further deferred 
payments may be made 
dependent on A&P profits 
over tbe next four years. 

The acquisition follows 
months of imf discus- 

sion In the US and gives BMP 
a much-needed International 
dimension. ASP marks the 
next step In BMP’s plus to 
build a decentralised federa- 
tion of marketing services 
companies, each operating 
autonomously. 

To fliwmi-* Hu» initial 
payment of $25 -5m (£153m) 
and the acquisition expenses, 
BMP will issue 4.95m new 
ordinary shares, available to 
qualifying shareholders at 
340p per share. The remain- 
der of the initial considera- 
tion, $6 -3m (£3 .8m), will be 
satisfied by the issue to Ralph 
Ammirati, Martin Paris and 
Edward Vick, A & P's three 
largest shareholders, of 1.08m 
new onlifiary shares. 

According to Adweek, the 
US trade magazine, the award- 
winning agency, is rated 47th 
in the US. which puts k in 
the top 5 per cent 

Its best known work is for 
BMW. 

A&P was founded in 
1974, and had billings of 
abont 3140m (£83A5m) in 
1986. Adjusted pre-tax profit 
had risen from 31.4m in 
1982 to 3&4m last year. It 
currently employs about 230 
people. 

Two key employees of 
A&P will join the board of 
BMP, while Martin Boase and 
Christopher Powell, chair- 
man and wi a-nag in pr director 
of BMP respectively, win 
join the board of A & P. 


BTR chief looks to 
overseas expansion 


BY MARTIN DICKSON 

BTR, the acquisitive industrial 
holding company, indicated 
yesterday that it was most un- 
likely to launch a mega-bid in 
the UK in the near future, and 
was more likely to make a 
number of smaller acquisitions, 
particularly in North America, 
the Far East and Australasia. 

This follows the company’s 
unsuccessful £ 1.2 bn bid for 
Pilkington Brothers, tile glass- 
maker. earlier this year. 

Sir Owen Green, tbe chair- 
man. announced at the AGM 
that BTR was ararnging a 
sponsored American Depositary 
Receipt facility for its shares in 
conjunction with Morgan 
Guaranty. 

Its shares are already traded 
in the US through ADR facili 
ties which have not been 
sponsored by the company. 

He also stated that orders and 
sales for the opening months; 
of 1987 were better than last 
year and profits too were show-t 


ing a commensurate increase. 

The company was also 
involved in several acquistiion 
situations, actual and potential, 
the most recent of which was 
its bid for Borg-Warner 
Australia. 

Mr John Cahill, managing 
director, told the meeting that 
BTR had set itself a five-year 
goal of getting an equal 
balance of its businesses in 
Europe. North America and 
tbe East 

It was planning to make 
acquisitions in the US and 

Canada in areas contigous with 
its mainstream activities, while 
he thought there would be 
some " very spectacular growth 
in tbe Far East” 

Speaking to reporters later, 
Mr Cahill said that the tide 
of opnion in Britain did not 
seem to be with contested 
mega-bids. It might be time 
for BTR to “stand away and 
.let the dust settle.” 


Leda restructures 


BY CLAY HARRIS 

Leda Investment Trust share- 
holders are to consider restruc- 
turing proposals which would 
transform the trust into a highly 
geared vehicle specialising in 
smaller UK companies. 

Under the plan, which the 
Leda board will put forward 
without a recommendation, 
Grahams Rintoul would take 
over as manager and give its 
name to the trust 

The trust would also seek 
£25m through a rights issue to 
holders of capital shares and 
then plans to restore gearing 
initially to at least 30 per cent, 
according to Mr Peter Rintoul, 
managing director of Grahams 
Rintoul and former chairman 
of Gartmore Investment Trust 
Management 

Under the plan, income 
shares would be converted into 


preferred shares, repayable at 
the end of next year at tire par 
value of 20 p, the same as under 
the existing structure. Divi- 
dends until then would be fixed 
at 8.4p for each of the two 
years. 

Capital shares would be con- 
verted into ordinary shares. 
Cash alternatives of 35p for in- 
come shares and the higher 
of 251p or 99 per cent of form- 
ula asset value for capital 
shares would be underwritten 
by a subsidiary of American 
Express Bank. 

AEB, which owns 38.4 per 
cent of income shares and 17 
per cent of capital shares, is 
also underwriting the rights 
issue. 

Capital shares added 8p to 
275p, against formula asset 
value of about SOOp. Income 
shares fell lp to S5p. 


New Job 
New Town 
New House 
New Car 
New School 
New Doctor 
Newspapers. 

Not new to us. 


Whether you're planning [ncflvidual or group 
moves or reviewing your relocation policy our 
advice builds programmes which are practical, 
unbiased and cost effective. Call Mr A G Hickie 
on 01-629 8222 or write to Merrill Lynch 
Relocation Management International, 

136 New Bond Street, 

London W1Y9FA. 


’Morrill Lynch 


NORAMCO MINING CORPORATION 

Notice to Holders of Units consisting of One Common Share 
and One-half of One Share Purchase Warrant 
NOTICE IS HEREBY GIVEN that May 15. 1987 hoc boon fixed as the Warrant 
Racord Data for the separation of the Units {the •‘Unite”), each unit 
consisting of one common there and one-hall of one share eufwiaaa 
warrant (the "Warrants”) of NORAMCO MINING CORPORATION (Ihe 
"Company”) offered for Bale pursuant to a prospectus dated March 27. 
7587. 

Units era currently evidenced by leoendad share certificates of the Com- 
pany. After the separation of the Units, ths logon ded share certificates 
will represent common shores only, within ten (10) business days slier 
the Warrant Record Dele a separata certificate representing tho Warrants 
will be mailed to tho holders of record of the Units as of the close of 
buelness on May IS. 1987. together with a letter of transmittal pursuant 
to which such holders may replace their legended share certificates with 
new certificates evidencing common shares without legend. 

NORAMCO MINING CORPORATION 
R. A. Bruce McDonald 
Chairman of the Board 


Thegraphs^how 

17S 

gales trends and 
forecasts of 
UK. sales. 

150 


125 


100 


150 


125 


100 


ISO 


125 


100 


150 

Source: Business 
Monitor; Hoare 

125 

Govett 

100 



AUTOMOTIVE 
BTR suppliers include: 
Metalastik, Dunlop 
Automotive, Fatati, 
Herts BTR. 


SPORTS GOODS 
BTR suppliers include: 
Dunlop, Stazengei; 
•Carlton, Puma. 


AEROSPACE 
BTR suppliers include: 
Dunlop .Aviation, Serck 
Aviation; Permal?, 
Russell Plastics. 


CONSTRUCTION 
BTR suppliers include: 
Til COn, (rraham, 
PiUdngton’s, Pascon. 


1984 


1985 


1986 


1987 


4 growth markets, 
16 suppliers and 
i common factor... 


FOR YOUR COPY OF KIR'S 1986 ANNUAL REPOST & ACCOUNTS WRITE TO SILVERTOWN HOUSE, VINCENT SQUARE; 

LONDON SW1P2PL, OREHONE 01-834 3848. 



I 




24 


nuudal Times Thursday May 14 1987 


UK COMPANY NEWS 


Ultramar falls back to £36.3m 


Ultramar, the Independent 
oil company, saw pre-t/s profits 
slump by more than 25 per cent 
from a restated £48 .5m to 
£36-3m on turnover down from 
£406.5m to £3265m in the first 
quarter of 1987. 

However, Mr Lloyd Bensen, 
chairman, said that assuming 
relatively stable crude oil prices 
he looked forward to the 
remainder of the year with con- 
fidence. This Was in spite of 
seasonal factors which would 
reduce profits in the second and 
third quarters for eastern 
Canada, and the weak XJS and 
Canadian dollars which would 
also cut profits when converted 
Into sterling. 

He believed that oil prices 
would recover over the next 
few years, and. that with its 
large and increasing rtierves 
of crude ail and natural eas the 
company was well positioned to 
benefit from this upturn. 

Cash Bow from continuing 
operations increased from 
£39.5m to £41.6m. 

Exploration and production 
produced a total of £7.9m 
(£22m) with Indonesia contri- 
buting £7 .9m (£17m): UK 

f£2.4m); western Canada, 
£100,000 (£200,00); US. losses 
of £1 Jon f£L.9m losses); 
ENSTAR operations, losses of 
£700,000 i£2.3m) profits): and 
other losses, £500,000 (400,000 
losses). 

Refining and marketing con- 
tributed a total of £21 .2m 
< £12.6m) made up of: Eastern 
Canada, £21.4m (£13.7ra); US 
west coast. £300.000 (52 m 

losses); and international trad- 


ing losses of £500,000 (£900,000 
profits). 

Shipping activities incurred 
losses of £600,000 (£800,000), 
while other activities produced 
profits of £800,000 (£200,000). 
After net financing charges of 
£3.4ra (£lS.9zn) and group 

administration costs of (£2.7m 
(£3m), the contribution to group 
profits amounted to £18.2m 
(£12.1m). 

Mr Bensen said that when 
restated to reflect year-end 1986 
exchange rates, net profits for 
the first three months amounted 
to £9.3m. 

He said that the results 
reflected a fine performance by 
the eastern Canadian down- 
stream operation. Integration 
of the gulf marketing and dis- 
tribution network was going 
well and the company continued 
to achieve an excellent operat- 
ing performance from the 
Quebec Refinery. 

Upstream profits were still 
depressed compared with the 
first quarter of last year. How- 
ever, the combination of the 
company's upstream and down- 
stream operations — which the 


company had strategically 
sought to achieve— was now 
showing its value. 

Ultramar sold its UK mar- 
keting operation in April for a 
total of £47.6 m which would re- 
sult in a net gain of more than 
£25m to be shown as an extra- 
ordinary item in the half-year 
figure. It also raised £40m 
through a convertible low-inter- 
est Eurosterling bond issue, the 
proceeds of which would be 
used to reduce interest charges 
by refinancing higher cost short 
and long-term borrowings. 

Ultramar sold 213,800 
(275,000) barrels of oil a day 
in the period; refined 103.500 
(97,200) barrels; and produced 
29.200 ( 31, 000) barrels. Gas 
produced amounted to 412,900 
(434,600) cubic feet per day. 

Tax charges took £18.1m 
(£36. 4m) and minorities 

accounted for £3.Sm (£2.4m). 
Earnings per share rose from 
3£p to 5-6p. 

• comment 

Ultramar is clearly in better 
shape; operational cash flow at 
£4 1.6m was stronger than in 
any quarter for some time; 


capital spending was virtually 
quartered; the Eastern Cana- 
dian downstream operations 
came through strongly in their 
heating oil driven peak period; 
and Indonesia has recovered 
from its fourth-quarter blues. 
However, the £10 Jm fall In 
financing charges and a drop 
in the tax rate made more dif- 
ference than any other single 
item to the net profit line. On 
forecasts of £40xn net (sot in* 
eluding the £25m extraordinary 
gain from the sale of the UK 
marketing operation) the 
shares are on a prospective p/e 
of 17 — and are held up at this 
level by bid speculation center- ; 
ing on what Son Brierl ey will j 
do with his 13 per cent holding 
(acquired 18 months ago for 
an average of 165p). Ultra- 
mar’s sterling net asset value 
was then two to three times the I 
share price. So. when Mr 
Bensen and Mr Brierl ey 
lunched together yesterday at 
least one of the two must have 
been thinking that with intra- 
mar’s net assets now valued at 
about £3 tm an $18-a-barrel 
price, the upside potential 
seems far leas obvious today. 


Cowie severs links with Godfrey Davis 


T. Cowie, the Sunderland- 
based car dealer and coach 
operator, has voted with its feet 
and sold its *L9 per cent stake 
in Godfrey Davies, the Ford 
dealer and park operator, which 
plans to merge with the Sun- 
light Service Group. 

Cowie sold its entire stake in 


Godfrey Davies — 1.34m shares 
at 16Sp a share, which relaised 
a £465,000 profit on the sale. 

Mr Tom Cowie. the company's 
chairman, said he was not par- 
ticularly enchanted with the 
Sunlight deal, and decided to 
take a profit and move on to 
«»»hee opportunities. 


Earlier this month, Godfrey 
Davis said that under the etrms 
of an agreed merger, it would 
offer, 19 of Its shares for every 
10 Sunlight shares, in a merger 1 
that would create a £130m diver- : 
sified services group and see i 
Sunlight shareholders owning 
about 80 per cent ! 


Stylo back 
to profit 
and lifts 
dividend 

A return to profits was 
nude by Stylo, multiple foot- 
wear retailer, in the year 
ended January 31 1987. At the 
pr e-t a x level it came to 
£L53m, compared to a loss of 
£259,09. Earnings were 5.87p, 
wpimrf loss 2D5p, and the 
dividend raised from 4Jp to 
5p net. 

Mr Arnold Ziff, chairman, 
said a great deal of progress 
was made towards maki n g the 
company more profitable. But 
management and staff have 
been distracted by the litiga- 
tion being brought against 
Stylo and certain directors by 
a subsidiary of British Land, 
which owns some 25 per cent 
of the company’s shares. 

Turnover in 1986-87 rose to 
£53. 34m (£49.58m) and 

trading profit ****wf> to ** m— ■ 
(£ 1.09m). Net interest 
charges were cut to £L7Tm 
(£2m) and other income was 
np to £L18m (£661,000). 

The early part Of the 
c urren t year had been 
difficult, but Easter’s trading 
figures improved greatly, par- 
ticularly in refitted shops. The 
chairman looked forward with 
confidence to further improve- 
ments this year. 


LandSec asset value 
surge surprises City 

■Y PAUL CHEESERWSHT, PROP0OY CORRESPONDENT 

Land Securities, the largest But the group fe expanding 
UK property development and ite devdopment 
investment group, yesterday with work starting in the »*** 
surprised the market with a year oo lm square feet of Loo- 
sharp increase in the value don office space and bdo.dw 
of its net assets and pulled up square feet of reun vrarehous- 
behind it prices through the lug either under construction 


sector. 

Its net awet value per share. 


or -about to start. 

This is being financed by an 


the favoured measurement of extensive prograftune _of lcng- 
prtJgress for property invest- term borrowing^Wtn has 
meat companies, rose from SSSS 

420p at the end of March 1986 1985— so that interest charges 
to 488D The highest expects- have more than doubled over 
ttoa In the Cityhad been thelast financial year to £43.4 

The share price rose to 470p Ihe group wrodjbj 
before settling at 468p for a there is likely to be a loss of 
yarn on the day of 16n. earnings because of this expan- 

se net asset value figure *iou,.“m the case of existing 
came with an aanooxK^nemof holdings through toss of rent 
a 6^ per cent increase in pre- Previously earMd and as cash 
tax profits for the year to last 2*®* 00 ^cquuntions and con- 
MaTch aft £ 120.6m. Earnings per struction ceases to earn ro- 
sbare rose from l5-79p to 17.78p. ^ . cjc 

The final dividend is 7.75p, ' The board intends to ask 


diareholders for an increase to 

Land Securities is now riding 5!JL 1 A^ 1 S^Sr' ai S B, a^t < ^wth. 
it has morethan two4hirds of noninminiL 


its portfolio. The latest value- S** 5 Lex 

tion gives the portfolio a value — — ■ — 

of £3bn, an increase of £466 5m — A .. _ * ar _ J 

over a valuation carried out in Hi. Anglian W Hter 

At the same time, continued prc£. lender results 
demand not only for office but Anglian Water’s sale by 

tender dt 25m 7 Per cent re- 
“iSSSu 10 J H2F 0 S i iS deemable preference £1 shares 
jSrj&fl-rfcSFiaSS 1996/98 at a minimum price 
£1 52.6m to £175 for 1986-87. ^ a rece j ve a applications for 

6_lm shares. The highest price 
offered was 127p r the lowest 
price to receive a partial allot- 
ment was 102J>lp and the 
average price obtained was 
103.09p. 

Ambrose Investment 

NET ASSET value per income 
share of the Ambrose Invest- 
ment Trust fell from 3129p to ; 
3021p at year-end to March 31. j 
while tiie value per capital share I 
rose from 494J73p to 615.45p. 

- After tax of £308,964 
(£315^414) net revenue was 
£756286 (£708,532). EamlngS 
per. share were 10.5p (9£4p). 

A final dividend of 8D3p 
(6.93p) makes lL58p (9.75p> for 
the year. 

- Catalyst Comms. 

¥ On May 12 the FT Incorrectly 

R fjEgfl described Catalyst Co mm uni ca- 

I [■ tions as Catalyst, the burnish 

| company. Infect, Catalyst Com- 

| muni cations is a British com- 

pany, quoted on the Third 
market, which has made three 
acquisitions in the UK in recent 
..... months. We apologise for the 


E. Anglian Water 
preL lender results 

East Ai, g u»n Water’s sale by 


T 




PLC 


increased and 

final offer 
for Hillards pic 


Norway’s 
Commercial Bank 


. Union. Bank, of Norway is one of the four 
leading Norwegian banks. We provide a complete 
range of banking and finan dal services to domestic and 
foreign clients in service, hi-tech and heavy industries. 
These include loan and overdraft facilities, money 
transfers, foreign exchange, securities trading and 
custodial services both for companies and for individ- 
uals. Our treasury capability includes fully automated 
cash-management and on-line information systems 
linking direct to the customer’s own computer. 

Please contact Terje D. Skullerud inNorway. Tel: (472) 
31 90 50. Telex: 19470 UBN BK. Union Bank of Norway 
is known domestically as' ABC bank. 


Value of Tesco share offer 





Ross plans 
USM quote 
for £10m 
valuation 

By Altar (Utwjthom 

Three months Into his 
business studies degree course. 

Mr Ross Marks, WBlkedout of a 
lecture on “ How to set up in 
business" and into Companies 
House to register his new com- 
pany for £1. Now, 15 years 
later, that company w 
to go public on the Unlisted 
Securities Market. . 

Boss Consumer Electronics 
manufacturers and supplies 
audio accessories— such as 
headphones, microphones and 
microspeakers for personal 
stereos— both under its own 
brand name and as private label 
products for multiple retailers 
Including Argos, Boots and 
Dixons. . . 

In its earliest days, dwmg 
Mr Marks’ student years, the 
company supplied blank audit* 
cassettes by mail order. In 197S 
Mr Marks faced the choice of 
completing bis degree or setting 
off on a buying trip to the Far 
East, He opted for the latter 
and Ross diversified Into other 

audio accessories. , 

Initially all the company^ 
products were sourced from con- 
tract suppliers in the Far East. 
Early in I9S4 it Introduced the 
first range manufactured by its 
own unit in West London. The 
company has since augmented 
the range of products produced 
in the UK, which now represent 
a quarter of sales, and has built 
up an overseas client base. 

Both pre-tax profits and turn- 
over have increased steadily in 
the past five years: with the 
exception of 1983/84 when the 
investment in the manufacturing 
plant and nationalisation of 
stock nudged the company Into 
a loss. In the year to March 
31 1986 Ross produced pre-tax 
profits of £308,000 on turnover 
of £3. 5m. In the most recent 
finan cial year profits are 
expected to have increased to 
around £500,000 and turnover 
to £4xn. 

The company plans to go 
public is six weeks or so. After 
the flotation. In a placing 
throagh Smith New Court, it 
should be capitalised at under 
£10m with an historic p/e in 
the mld-teen a. 

Garfunkels up again 

Talks about a possible bid 
for Garfunkels Restaurants 
lifted .Its shares another 19p 
to 253p. United Biscuits made 
dear, meanwhile, that it was 
not interested in buying the 
chain, which includes Gar- 
f ankers. Deep Pan Fisa Com- 
pany and Black Angus Steak 
House restaurants. 


i ..*1**1 


Union Bank of Norway 





GRANVILLE 


SPONSORED SECURITIES 


The offer is final and will not be extended* If you are in any doubt as to how to 
accept please telephone County Ltd. on 01-638 6000 and ask for the Tesco Helpline. 

Offer doses 1.00 p.m. Friday 15th May. 

THIS ADVERTISEMENT 15 PUBU5HED BY COUNTY UMfTED ON BEHAIF OF TESGO PIC 0 The Directorsof Tesco PIC have taken oil reasonable care to ensure that the 
facts stated herein are true and accurate and each of the Directors accepts responsibility accordingly. GO The value of the share offer of 395p is based on the Tesco 

share price of 536pat 4pm on 13thMay 1987. 

'The right is reserved to increase and/or extend the Increased Offer should a competitive situation arise or should the Panel on Take-overs and Mergers so agree. 
If the offer becomes or is declared unconditional as to acceptances, the share offer (but not the Gash Alternative} will remain open for acceptance for not less than 1 ^ 4 days after 

the date on which it would otherwise have expired. 


High Low 
161 118 
183. 121 
40 28 

80 64 

229 186 

147 66 

138 75 

107 88 

138 58 

84 90 

126 76 

178 tIB 
12S 101 
377 280 
100 89 
1038 342 
408 280 
100 83 

81 67 

91 30 

1H 67 
340 321 
81 42 

148 65 
200 190 
116 67 


Company 

Ass. Brit. Ind. (M 

Ass. Brit. ind. CULS 

Arftiiraga and ntiodxr 

BBB DMiQn Group (USM) 

Bardort Hill Group 

Bray Ttchnologisa - 

CCL Group Ordinary 

CCL- Group llpc Cam#, prsf,,,. 

Carborundum Ord. 

Carborundum 7.6pc prof. ...... 

Gtorgt Blair 

Isis Gtoup _ 

Jackson Group ,„.„^ N ,„ 1I11I 
Jams* Burra ugh .................. 

Jamaa Burraugh 9pe Prof. 

Multlhpuaa NV (AmttSE) ...... 

Racord Rldgwsy Ordinary 

Record Rldgwsy Wipe PrW..., 

Robert Jon kin* 

Sdrunana 

Torday and Carilat* 

TravJan Holdings 
Unllock Holding* (SE) ....... 

W. S. Yeaiaa 

West Yorkt. Ind. HoOp, (l)SM) 


Price Change 
168 ~ 

IBS — 

37 +1 

78 — 

228 — 

147xd — 

137 +1 

102 — 

ISBxdfc -1-1 

84 _ 

96 — 

120 — 

126 — 

an — 

94 — 

BOOxd .-8 

408 ^ 

88 •- 

82 — 

91 +1 

158 — 

330 — 

88 +1 

143 -2 

ISOxd — 

110 — 


Grams Yield 
dlv.(p) % 

7.3 4.8 
10.0 8.1 
4.2 11.4 
U 1.8 

4.0 2.0 

4.7 3.2 

2.9 2.1 

15.7 16.4 

6.4 3.9 

10.7 11.4 

3.7 3.9 

18.3 — 

6.1 4.9 

V7.0 4.5 

12.9 13.7 

1.4 — 
14.1 184 


S-7 3.6 

7.9 2.4 

2.8 3.2 

60 3.5 

17.4 9.2 

5-B 5.1 



Granville & Company Limited 
5 Lane, London EC3R.6BP 
Telephone 01-621 1212 
Member of F1MBRA 


Ctmu^Hb Davies Coleman limited 
27 LovatLone, London EC 3 R 8DT 
Telephone 01-621 1212 
Member of lie Stack Exchange 


"v 





UK COMPANY NEWS 


25 


Financial Times Thursday May 14 1987 


Ratners op 94% 
as H. Samuel 
benefits flow 


Chloride’s 
small stake 
in Dale 
Electric 

By Nildd Tait 


BY PHILIP COGGAN 

Ratnera, thejewellery group 
currently involve# in * con- 
tested takeover bid for Com- 
bined English Stoves, yesterday 
announced . pre-tax profits up 
94 per cent, on an adjusted 
basis, for the 43 weeks ending 
January 31 1887. 

last month. Rimers launched 
a recommended offer for CES, 
but fire days later Next, the 
fashion, retail and mall order 
group, came in with a higher 
offer which wpn over the CES 
board. On last night's share 
prices, the bids were worth - 
£295m and £339m respectively. 

Ratners 1 primary interest in 
CES is the Zales, Weir end 
CoDingwood jewellery chains, 
but Next has no existing retail 
jewellery interests and that has 
led some to speculate that it 
might sell the to its. rival. 

Mr Gerald Ratner, chairman 
and chief executive, said yester- 
day: " We have a range of 
options, one of which might 
be to work out a deal with 
George Davies ” (Next's man- 
aging director). 

However, Next indicated at 
the time it announced its bid 
that it was keen to hang on 
to CES' jewellery stores. 

If Ratners did buy the CES 
chains, either by winning the 
bid or by doing a deal with 
Next, it would have a share 
of the jewellery market esti- 
mated at around 15-20 per cent, 
and there have been earlier 
calls for the bid to be referred 
to Monopolies Commission. 

Yesterday's figures showed 
that Ratners has made an 
encouraging start in its effort 
to improve returns at H. Samuel, 
which was acquired in May. 
1986 l Profit per square foot 
has increased from £12 to £35, 
although that Is still below the 
£66 achieved in the Ratners* 
chain. Sales per square foot 
were £268 at H. Samuel and 
£936 at Ratners, and overall 
the Increases in turnover were 
55 per cent and 45 per cent 
respectively. * 

Terry's has moved out of its 
traditional base in the South- 
east and plana to open a 
farther 25 shops this year, with 
a further 50 shops planned to 
open in the Ratners chain. 

Pre-tax profits for the -43 
weeks were £2fi54m. against 
the proforma £iUS8m. on turn- 
over of £15SL2m (£114.flm). 



Gerald Ratner, chairman and 
chief executive of Ratners 
Jewellers 


There was an extraordinary! 
debit of £474,000, largely re- 1 
salting from compensation paid ; 
to Ur Anthony Edgar, ex-chair- 1 
man of H. Samuel , 

Fully diluted earnings per 
share were 16J6p (8J.3p) and 
the final dividend was set at. 
So, making a total of 4p(3p>. 

• comment 

These figures were signalled 
at the time of the CES bid 
so they ' received rather less 
trumpeting than they deserved 
— after all, 10 months ago 
analysts were only expecting 
£14m and H. Samuel seems 
almost literally to have been 
a goldmine. But all eyes are 
on the battle for CES. Gerald 
Ratner is probably unlucky to 
come up against one of the few 
retailers with a more whbskid 
image than le !ws — whether 
George Davies and he can strike 
a deal may be more a matter 
of personal Chemistry than 
industrial logic. The best option 
would seem to be for Ratners 
to buy at least part of the ntcs 
jewellery business — baying all 
of it might run into monopolies 
problems and a revised bid 
would dilute Ratners warnings. 
Ratners shares, 343p yesterday, 
will sit on the sidelines until 
the CES question is settled; on 
trading terms, assuming pretax 
profits, of £4Dm this year, the 
prospective p/e is an undemand- 
ing 12. 


Chloride, the battery group, 
yesterday confirmed that it 
has acqidred a small stake In 
generating sets manufacturer. 
Dale Electric, whleh is cur- 
rently on the receylng end of 
rently on the receiving end of 
Sunleigh. 

However, Chloride says the 
stake Is * wen 0 under 1 per 
cent * and has 'been as 

a trade investment. “There 
is no more to It titan that." 

The two companies have 
known each other well for 
many years, and In the early 
seventies, before Pile went 
public, a Chloride offer was 
considered by the Yorkshire- 
based company. 

There are currently trading 
links — Dale, for example, is 
the Chloride distributor for 
Thailand. Dale, Itself, says it 
understands the Chloride in- 
terest is “friendly.” 

Chloride, meanwhile, 

yesterday put out a statement 
dk*mlsslng Press rumours 
that BICC, the cables group, 
"intends to offer around 120p” 
for the company. 

Chloride said it had been 
assured by BICC that the 
Speculation was totally with- 
out foundation. The two com- 
panies share a common direc- 
tor — Hr Robert Biggam, 
BlCCTs managing director, 

holds a non-executive post on 
Chloride's board. 

Chloride has been subject 
to considerable bid specula- 
tion in the past, but earlier 
this year saw one rumoured 
predator. Heron International, 
reduce its stake below the 
diselosable level. 

Last December, Hr Kent 
Price, an international 
banker, took over as chief 
executive^ and since then eon- 
riderabCe Internal reorganis- 
ation has taken plaee. 

Chloride shares dosed 
down lp to 105p. 


GKN prospects 

At the annual meeting of 
GKN it was stated that the 
trend of 1887 monthly pre-tax 
profits had been upwards and 
very much in line with 
internal projections. 

That justified expectations 
tint profit for the first half 
would exceed the £58m 
achieved in the second half of 
1986. 

In the first half of that year 
the group made £74Jm. 


Whessoe into red at £5.3 6 ) 


Whessoe, /the. troubled engt- . 
heering^ comjwny.has - slipped 
into • the red : with half-time 
losses of £5-S8m, compared with 
pre-tax profito last .time, of 
£L87in. . '■ 


Directors said the figures for 
the- 'six .months to' March 28 
reflected the ahorta je of work 
at adequate profit margins in 
tin company’s heavy engineer- 
ing and high pressure pipework 


Norway’s 
Capital Markets 
Bank 


Union Bank of Norway acts as manager and 
underwriter of Eurobonds in Norwegian Kroner as 
well as in other currencies. We maintain a liquid 
secondary market in those international bond issues 
which we have lead-managed. Domestically, we are 
in the lead as regard Government guaranteed bonds 
and other Public Sector bonds. 

Please contact Per Hagen, Bjame Anderson or Finn 
Dablstram in Norway. Tbh (472) 31 90 50. Tfelex: 
19968 ABC SE. Union Bank of Norway is known 
domestically as ABC bank. 

a / b/c 

Union Bank of Norway 


sub-groups In the UK.' 

The situation had been com- 
pounded by a large loss on a 
major offshore contract and the 
necessity to make provision for 
overruns in tuning and costs 
on certain contracts which are 
the subject of claims still under 
negotiation. 

Heavy engineering turned in 
a loss of £739,000 (£370,000 pro- 
fit) and high pressure pipework 
a loss of £1.9m (£648,000 pro- 
fit). Aiton Australia performed 
well and light engineering sus- 
tained its profits at £413,000 
(£351.000). 

Turnover fell from £47-8Sm 
to £40 -02m and loss per share 
worked out at 19£p, compared 
with earnings of 3.9p. No 
interim dividend will be paid. 

There was an exceptional 
item of £3J3m (nil) for redun- 
dancy and restructuring costs, 
a tax credit of £1.7 9m (£668,000 
charge) and depreciation of 
£lm (£947,000). 

Net interest payments rose 
sharply from £41,000 to £344,000. 

Lord Erroll of Hale will re- 
tire as chairman on May 27, 
1987. He will be succeeded by 
Hr George Duncan. 


Anglo Irish Bank 

Anglo Irish Bank Corporation, 
formed by the merger of Anglo 
Irish Bank with City of Dublin 
Bank, lifted pre-tax profits from 
K324.000 (£292.000) to K569.000 
in a period when the Irish 
economy was not in good order 
and interest rates were volatile. 

It paid tax of £285,000 
(£126,000) after which earnigs 
rose to 1.7p (L58p). The 
declared interim is held at 
0£625p. 


Thtsadvartaementcon^ with the nqutoments of the (tend! of The Stock Exchange 

MID-SUSSEX WATER C0MRANY 

Incorponnedm England under the Mid-Sussex Water Order, 1985 

Authorised Share and Loan Capital £30,000,000 
PLACING of £3,000,000 

10 per cant REDEEMABLE DEBENTURE STOCK, 2013/17 
at £99 per £100 nominal 

(p^t. Kto£i° Septembw ' 1387 

/Uxtfeationhasb«nmademihaCoijndlofTtoStodcExdiangfltw6»al»«&jdctobeadiT*tBd 

to the Official U«l. In accordance with the requirements of The Councfl of The Stodc Exchange, wo madurt 
-tnekerehave bean offered a pwtftipattaih the martating of the Stock. The Stock wfH rank for Interest 
paHp^sjvajh all other existing Debenture Stocks and Mortgage* of the Company. 

UriflnPankwtoarda^ been circulated by EiM I Stattafcd 'Sendee jjdjujd copfaw 

mfiv he obtained miring imia/bu^nescihoonsuo to ttidudlng 15th from 

CompanyArmouocamt^01flca.TheSwekExchanQe,ljjndroEC^'IW^eoHe««noi^,arri^»Bnd 

indycSno 26th May, B87 from MW-Submx Water Company, t Church Road. Haywwxto Heath, 

Sussex RH163DX. from Ctaw ftagtarani UmtoKt 36 Great St. Helen's, London EC3A BAP, or from?- 

DENNIS MURPHY, CAMPBELL & COMPANY 

2 Russia Row, London EC2V 8BP 

14thMtMl9B7 


Henderson Mt by security 


MR PAT GAYNGR, chairma n of 
the Henderson Group, yester- 
day revealed that profits for 
the 1986-87 year had fallen by 
£L09m to £L42m at the pre-tax 
level. 

He added, however, that the 
current year had began en- 
couragingly and that he 

believed the group had now 
started on the road back to Its 
former levels of growth and 
profitability. 

Mr Gaynor pointed ont that 
having established a sound 
future operating base, the 
group's forward strategy would 
be to seek growth from its 
traditional core baae of build- 
ing-related products and Its 
revitalised security operation — 
the latter swung from profits of 
£L.4m to losses of £206,000 
. during the past year. 

The chairman sdxd this would 
be done via a balance sheet 
strengthened by the disposal of 
the Normand interests which 
would result In gearing falling 
from its year-end 34 per cent to 
some 18 per cent. 


London Trust reported Its net 
net asset value per share had 
risen from 85.6p to 87p in the 
year to March 31 1987. This 
occurred in a year which had 
seen a continued re-orientation 
of the portfolio and a fall of 
8.3 per cent in the value of the 
dollar where more than 75 per 
cent of the Trust's assets were 
now invested. - 

The investment partnership 
between London Trust and 
Hambrecht and Quist, H & Q 
London Ventures had been 
highly successful. At March 81 
1987 the partnership bad invest- 
ments in 40 companies with a 
total valuation of $83 .2m (cost 
$58. 6m). The stering equivalent 
at 91-60 was £5LSm (61 per 
cent of total assets). 

The hoard felt that to reflect 


Turnover for the year to Feb- 
ruary 28 1987 rose from £80.53m 
to £86.91m — Henderson's main 
area of business is the produc- 
tion of doors both for garages 
and for industry. Operating 
profits declined from £5.7$m to 
£L79m. 

Results were also given yes- 
terday in pro-forma accounting 
to show the past year's trading 
figures as if all activities dis- 
counted during and after the 
period had not been owned by 
the group throughout the 12 
months. 

These showed turnover at 
£7S.6m and profits before tax at 
£5 .29m. 

Tax accounted for £L63m 
(£2.lm) and minorities for 
£158.000 (£20,000). 

Provisions for losses arising 

from the closure and sale of 

subsidiaries during the year 
together with further sales and 
restreturing completed or 
planned, less a release from 
the capital reserve, totalled 
£LSm and were treated as an 

extraordinary item. 

A breakdown of pre-tax 
profits by division shows PC 


more accurately the investment 
objective of growth of capital 
through venture capital invest- 
ment in the US. shareholders' 
approval should be sought at 
the agm to Change the name 
of the company to London 
American Ventures Trust 
A dividend of 0.75p would 
be recommended for the year 
to March 31 (same) hot the 
directors said that as the trust 
becomes more fully invested, 
it was most unlikely that any 
dividend would be paid 
Gross revenue in 1986-87 
amounted to £3 .34m (£5bm); 
expenses accounted for £L61m 
(£2.03m) and interest charges 
to £369,000 (£1.08m) leaving 
net revenue before tax of 
£L36m (£2. 39m). Tax took 
£563,000 (£958,000) 


Henderson (sliding door gear, 
garage doors and aluminium 
ladders) £4.06m (£2.4m), 

Henderson Doors (industrial 
and vehicle doors and parti- 
tions) £2.42m (£2 .39m), 

security loss £206,000 (profit 
£1.4m). dir ect subsidiaries, 

including FHP, £64,000 
(£535,000). Losses of discon- 
tinued activities accounted for 
£675,000 (£20,000 credit) and 
group central costs and net 
interest charges for £ 1.23m 
(£1.2?m). 

Earnings per 25p share 
emerged at 12.6p (15.4p) or 
Z3.1p on a pro-forma basis and 
a final dividend of 5p lifts the 
1986-87 total from 7p to 7.5p 
net. 

Mr Angus Clark and Mr Tom 
Todd, executive directors, 
have been appointed co-manag- 
in directors. 

• comment 

Little has gone right for 
Henderson Group since its 
£9Jm all paper bid for R. Cart- 
wright in early 1985 was beaten 
by a £12 _2m offer from Newman 
Tonks. Subsequently Hender- 


DETAILS OF the capital re- 
construction plan proposed by 
the William Boulton Group 
last October were released by 
the directors yesterday along 
with the results for the open- 
ing six months ofthe current 
year. 

The reconstruction will take 
the form of an offer to existing 
shareholders to exchange their 
holdings for an equal number 
of shares in a new holding con- 
cern, the Cauldron roup. 

They were proposing to im- 
plement the plan in order to 
eliminate the deficit on the 
profit and loss account reserve 
so that the group would be in 
a uosition to recommence dlvi- 
d ead payments when future 
earnings - permitted 


losses 

son's shares have performed 
poorly and the company has 
clearly battled (and lost) the 
effort to sustain the £6.6m 
1984-85 pre-tax forecast made 
during the bid. The disposal of 
Normand Electrical, most of 
which is being sold for £3 .2m. 
seems overdue. This subsidiary 
cost £4.9m in March 1982 and 
has produced £2 .3m (including 
fim from a 1984 property sale 
and the £464,000 loss of the 
FHP business which may. soon 
be sold off separately) In the 
five years since. While the pro 
forma figures, that is ex Nor- 
mand, lessen the apparent 
damage the real concern has to 
be the £1 .Sth swing into the red 
In the security division. The 
new double-beaded management 
team has stepped up marketing 
and development spending but 
surely this should have been 
nhased so as to urevent the fall 
into a loss? At 221p the shares' 
are expensive and the two point 
oremiuxn to the sector can only 
be due to bid speculation — 7.7 
ner cent Is in the hands of a 
Turks & Caicos Islands 'long 
term investor." 


During the six months to 
December 31 1986 turnover 
totalled £2m (£1.84m). At the 
pre-tax level the group swung 
from losses of £197,000 to profits 
of £37,000— the results were for 
the continuing operations only. 

Interest charges were reduced 
to £134,000 (£314.000) 

Earnings per lOp share were 
O.i d against previous losses of 
0.5p. 

During the past two years 
certain former companies were 
sold to Winemanor Holdings on 
terms which included deferred 
payments up to and including 
1990. 

However, an agreement was 
reached earlier this month to 
accept a total consideration of 
£1.5m in full and final settle- 
ment of all matters. 


Ail-FOUHd 



ALL-ROUND growth helped 
Gieves Group report taxable 
profits up by 41 per cent for 
the year to the end of January 
1987. And in the present year 
directors said they would be 
disappointed If, with full- 
year's figures from Bookpotnt 
and Gieves & Hawke s Inter- 
national breaking even, earn- 
ings per share did not con- 
tinue to increase. 

Pre-tax profits rose from 
£I.01m to £1.42m on turnover 
up 17 per cent at £40.19m 
(£34 -34m). Earnings per 29p 
share came our at 10.]p (5.9p) 
and the directors are propos- 
ing an increased final of 2.5p 
(2.3p), making a total of 3.7p 
(3.3p). 

Directors said the merchan- 
dising and wholesaling sub- 
sidiary, Gieves & Hawkes 
International, had completed 
the finai year of its develop- 
ment phase. The net costs 
of £223,000 (£236,000) were 
in line with the original plan 
and were taken above the 
line. 

The contribntion to operat- 
ing profits of £183,000 by 
Boole do iot. the recently- 
acquired book distributor, 
was for only the second half 
of the year. Turnover con- 
tinued to erow but profits 
were hit in late summer by a 
downturn of the home 
computer software business 

A breakdown of operating 
profits for the other offshoots 
showed tailoring and outfit- 
ting ahead at £670,000 
(£602,000); book and maga- 
zine manufacturing £605,000 
(£570,004). publishing and 
library supplies £464.000 
(£332,000) : motor and petrol 
retailing £161.000 (£111,000). 

The net interest charge was 
higher at £114.000 (£68.000). 
The tax charge was £442.000 
(£205.0001 and last time 
minorities took £15,000. 


London Trust’s assets 
up In transitional year 


Wm Boulton outlines its 
capital reconstruction 




% 

increase 

1986 

1985 

Turnover 

22 

£104,831,000 

£86,249,000 

Profit before taxation 

21 

£36, 244,000 

£30,009,000 

Profit after taxation 

31 

£21302,000 

£16,393,000 

Earnings per share 

29 

26.99p 

20.95p 

Dividend per share 

18 

9.43p 

8.00p 




Despite severe capacity problems in the world 
insurance markets, I am pleased once again 
to report record results. 

An important milestone in the history of 
the Company was achieved when revenues 
exceeded £100 million for the first time. 

Ray Pettitt Chairman 





A major Lloyd’s and leading 
international insurance broker operating 
from its United Kingdom base and 
30 countries around the world 


Minet Holdings FLC Minet House 100 Leman Street London El 8HG Telephone: 01-481 0707 Telex: 88 1 3901 JHMLDN G 





MINET 


OUMHCWSUinS 











a year of outstanding progress. 
Pre-tax profit for 1986 

exceeds £ioom for the first time. 


Turnover 

Profit before taxation 

Profit attributable to shareholders 

Shareholders’ funds 


Dividends per share 
Earnings per share after taxation 


Turnover up by 31% to £1.76 billion; operating 
profit increased 46% to £1 30.7m; pre-tax profit 
£101.3m, up 35%. Earnings per share increased 18% 
to a record 25.02p, notwithstanding the issue of 
64.4m new shares in the year. 

The group intends to maintain its record of 
annually increasing dividends, since becoming a 
quoted company 20 years ago, with a total payment 
for 1986 of 12.5p. 

Ladbroke’s growth is based on achieving a 
balance between short and-medium term earnings 
from a combination of cash flow and asset based 
businesses for which the company plans year by year 
increases in profit and earnings per share. 

The highly successful rights issue of approx- 
imately £300ma completed in April 1987, will 
accelerate these plans while ensuring the mainten- 
ance of a strong balance sheet. 

Hotels 

Current trading is buoyant and, with a substan- 
tial investment in upgrading accommodation and 
public areas being reflected in increased tariffs, 
Ladbroke Hotels is confident of achieving major 
growth in 1987 

Property 

In 1986 the group’s portfolio of prime properties 
was expanded on die eastern seaboard of the USA 
and in the City and West End of London, while good 
progress was made with developments under 
construction, commercial lettings and sales of lux- 

Nottsilbe above group figures have been extracted froroaccoun is 'trtnchcOTTainuaq 

-P mlnjmTihnnM pi mhnTph«MfT «<nrK 


Growth Record 

1986 

£m 

1,765.6 

101.3 

tolders 84.4* 
698.8 


1985 

£m 

1,342.6 

75.1 

43.2 
545.6 


1984 

£m 

1,115.9 

50.2 

29.3 
329.9 



12.50p 

25.02p 


ury apartments. The foundations have been laid for 
.farther substantial progress in the future. 

Racing 

Ladbroke Racing strengthened its position as 
the world’s largest commercial betting organisation. 
Through its acknowledged market leadership, it is 
in an excellent position to take advantage of the 
opportunities for growth which exist nationally and 
internationally. 

Texas DIY 

The trading performance of Texas Homecare, 
since its acquisition in April 1986, is very 
encouraging. Product innovation, backed up by 
effective sales support and service, continues to 
reinforce Texas 3 market leadership position in a 
buoyant and growing area of consumer expenditure. 

Consolidated Balance Sheet 

The balance sheet reflects the strength of the 
group: total assets at the year end amounted to 
£1,640. 5m of which more than £960m was in 
oroperty assets. 

1987 

Trading profits for the, first four months of 
the year are most encouraging; the company is 
confident of again producing good results for 1987. 

Ladbroke. 

For a copy of the 1986 Annual Report please contact: 
The Secretary, Ladbroke Group PLC, Chancel House, 
London NW10 2XEL Telephone: 01-459 803L 


wTTa nrrfinmy pmfi»n?f 77_0iTi. 


This announcement is issued in compliance with the Regulations of the Council of The Stock Exchange. 
It does not constitute an offer of Shares in Mercury Selected Trust for subscription or purchase. 


Mercury Selected Trust 


(incorporated in Luxembourg as a societe d’investissement d capital variable) 

Mercury Selected Trust (“MST") is an open-ended investment company with an “umbrella” structure 
comprising classes of shares (denominated in dollars and of no par value) linked to separate investment 
portfolios (“Funds"). Shares linked to the following Funds are now available: — 

Global Fund 

North American Fund 
Japan Fund 
European Fund 
United Kingdom Fund 
Pacific Fund 
Australian Fund 
Hong Kong Fond 
Singapore & Malaysian Fund 

European Opportunities Fund 
Japan Opportunities Fund 
North American Opportunities Fond 

Global Bond Fund 

Global Managed Currency Fund 

Yen Global Equity Fund 
\fen International Equity Fond 
Yen Global Bond Fund 

Through active management, the Company seeks to maximise the return of each of the Funds. The primary 
investment objective of the various Equity Funds is capital appreciation. The primary objective of the 
various Bond Funds and of the Managed Currency Fund is total return. 

Shares of each of the Funds of MST have been admitted by the Council of The Stock Exchange to the 
Official List and they are also admitted to listing on the Luxembourg Stock Exchange. 

Particulars relating to MST are available in the statistical services of Extel Financial Limited. Copies of 
MST’s Prospectus are available for collection during normal business hours (Saturdays and Public Hobdays 
excepted) up to and including 18th May, 1987 from the Company Announcements Office, The Stock 
Exchange, Throgmorton Street, London, EC2, up to and including 29th May, 1987 from: 

Rowe & Pitman Ltd., 

1, Finsbury Avenue, 

London, EC2M 2PA 

and at any time from: 

Mercury Selected Trust, Warburg Investment Management Jersey Ltd. 

10, boulevard Roosevelt, 39-41, Broad Street, St. Hetier, 

Luxembourg Jersey, Channel Islands 

(the Manager of MST) 

Mercury Warburg Investment Management Ltd. 

33, King William Street, 

London, EC4R 9AS 
(the Investment Adviser to MST) 

Existing Shareholders should note that a number of changes have been made in the administration of the 
Company, and that in particular a charge may in future be made in respect of conversions between Funds 
effected for a Shareholder on more than twelve occasions in any period of twelve months. These changes 
are reflected in the Company’s new Prospectus, which is being sent (together with an explanatory letter) to 
registered shareholders and is also available as mentioned above. Copies of the explanatory letter may be 
obtained from the Manager and the Investment Adviser at the addresses above, or from the Company's 
Paying Agents. 

14th May, 1987 


Financial Times Thursday May 14. 1987. 

UK COMPANY NEWS 


Offer terms pot £27.5m 
valuation on Pickwick 


BY RICHARD TOMKINS 

Pickwick, the record, cassette 
and compact disc company 
being floated cm the stock mar- 
ket. yesterday unveiled its 
plans for an offer for sale 
which will value the group at 
£27.42m. 

N. M. Rothschild, the mer- 
chant bank, is to offer 6.70m 
shares at 125p each, with Hoare 
G overt as stockbroker to the 
issue. The prospectus win be 
published tomorrow. 

Pickwick is best known for 
its low-price records and 
cassettes featuring popular 
classical works and the greatest 
hits of recording artists such as 
Elvis Presley, Johnny Mathis 
and Mantovani. More recently, 
however, it has diversified into 
other home entertainment pro- 
ducts. 

Large proportions of its turn- 
over now come from its TeU-a- 
Tale range of children’s book — 
and cassette packages, from the 
production of low-price compact 
discs, and from sales of pre- 
recorded video cassettes. It also 
licenses overseas companies to 
reproduce Its recordings. 

The company was founded in 
1962 by Mr Monty Lewis, who at 
66 remains non-executive chair- 
man. He and his family are 
selling £4m worth of shares in 
the flotation, leaving them with 
10 per cent of the equity. 

Another £630,000 worth of 
shares are being sold by Mr 
Ivor Schlosberg. the chief execu- 
tive. He led a consortium of 


Institutional investors which 
bought 50 per cent of the com- 
pany from Mr Lewis for £4.5m 
in 1980. 

Pickwick was owned by the 

American Can Company from 

1977 to 1982 and ended that 
period in heavy losses. Xn 1983 
it came back into pre-tax profits 


of £452.000. and with its expan- 
sion into new product anas, 
these profits grew to £1.6m in 

1986. . . 

For the current year, the 

company is forecasting another 

jump to at least £2.6®, putting 
the shares on a_ prospective 
p/e multiple- o£ 16-34. 


CFS advances to £514,000 


Comprerensive Financial Ser- 
vices boosted pre-tax profits by 
more than 57 per cent from 
£326,000 to £514.000 on turn- 
over up from £X.55m to £2Xt2m 
in 1986. 

CFS also revealed a link 
with Knight Frank and Rutley, 
UK and international estate 
agents, to provide a broad range 
nf financial services for Its cus- 
tomers. 

The directors recommend a 


.final payment o* 
rm Q cin g a total of Sp . (2-2p) for 
the year. , ... 

Mr Oliver S Stanley, chief 
executive, said that CFS, trust 
and investment management de- 
partments expanded their client 
bases significantly In 1986- 

CFS, which obtained a USM 
listing in 1984, paid tax of 
£160.000 (£117,000). Earnings 
per share worked through at 
9J2p (S-45p). 


BOARD MEETINGS 


TODAY 

Interim*: Aaaociand Enargy Ser- 
vices, Aiiociand Piper Industrial. 
English China Clay*. Grand MfltrppoU- 
tan. Royal Inaunnce, SaatcM and 
Saatchl. 

Final*: BrHfah and Comma nwaalth 
Holdings. Carton Bead). Exco Inter* 
national. External fnveat/naut Truac, 
John Foat8T r Garrard and National. 
Grampian TalaviakM. London Atlantic 
Invaatmant Trust. Malta rwara Inter- 
national. None Sea and Ganaral In vast- 1 
mant. Thames TV, Whitbread Invaat 
man:. 


FUTURE DATES 
Interims — 

Acatoa and HuHhaaon ... — >. May 30 

Kataay Indus trio* May 22 

Moran Tea May TB 

Northern Induat. Fmprevaraant 

Trust — 

flanks Hovla McDouqbU May 20 

finale 

British Airways ...t — — ■ May IB 

Channel Tunnel InvMtnmnts . May 22 

Coalite - Z 

Hirnbnn Invwonent Tru« ... May 21 

High Goatorth ParV May 21 

t Amended. 


USM debut 
values GC 
Flooring at 
£7.16m 

By Alfe* Ra w sth on* 

GC Flooring 4 Furni s h i ng s , 
a fitter and supplier of contract 

SSuncS V Srt5’is joi n I ng the 

WS SffJS 

SJuTlS businesset £7.iem 
Half the money raised by the 
placing will be retained by the 
company. 

The company was estaousnea 
In the late 1940s as a supplier 
and layer of wooden floors. In 
the 1960s it diversified into the 
carpets field and has since built 
up « business supplying carpets, 
hard floor coverring* 

Maries and Spencer is the 
largest single client— In the 
first half or the present finan- 
cial year it provided two-thirds 
of turnover- 

GC Flooring slipped into 
losses In 1981-82 — chiefly due 
to intensive price warfare — 
but has since recovered, in- 
creasing both pre-tax profits 
and turnover in each successive 
year to produce P«*ts o 
£308.000 on turnover mOMm 
in the year to June 30. 1936. 
In the present year it expects to 
boost profits to £700,000. 

In the placing, through 
i CapeX-Cure Myers. GC Flooring 
' wlu issue l.98m shares, or 21 
per cent of its equity, at 76p 
each. At the placing price the 
company sports a prospective 
p/e of 14. 


Merlin plans international expansion 


Merlin International Proper- 
ties, based in the Isle of Man 
but quoted on the London 
exchange, yesterday became the 
focus of a triangular deal aimed 
at creating a new international 
speciality shopping centre 
development and management 
company. 

In a series of share and cash 
deals it is linking with two 
private property development 
groups in Australia and the US, 
respectively the Hayson Group 
and Enterprise Development 
Company. 

It is also taking over Abbey- 
gate, a private UK company 
founded and run by Mr Peter 
Jevans. who becomes Merlin's 
1 chief executive for the UK and 
Europe. 

Citicorp Investment Bank and 
Scrimgeour Vickers are 
currently working on a placing 
with institutions of £36m worth 
of Merlin new ordinary and 
convertible preference shares 
in order to' fund the corporate 
moves and- provide 'working 
capital for Merlin’s first UK 
ventures. 

Merlin shares were suspended 
on Tuesday at 225 p, after a 25p 


rise on the day, and trading in 
them will not resume until 
after the placing, expected next 
week. 

The price, which is just under 
its 1966-87 peak, is currently 
overheated and Citicorp said 
the new shares would be offered 
at “a material discount." 

With fresh funds available, 
Merlin will be able to move 
into the Australian and US 
property markets. 

The plan ' announced yester- 
day provides for it to spend 
£9m — made up of £4 -8m cash 
and the balance in shares — to 
take a 57.6 per cent Interest in 
Hayson’s 44 festival market- 
place" development at Darling 
Harbour, and a 100 per cent 
interest in its mixed office and 
retail development at Pitt 
Street, both in Sydney. 

Merlin also takes over the 
Hayson interests in tenders for 
new developments at Manly 
Wharf, Sydney and in Brisbane. 

Also, in this part of the deal, 
the Hayson Group shareholding 
in Merlin will be raised from 
26.9 per cent to 29JB per cent. 

As far as the US is concerned. 
Merlin win subscribe to EDC 
preference shares with an option 


to convert them into equity 
equivalent to 33.3 per cent of 
Enterprise’s share capital. This 
will cost £8m cash and £lm in 
Merlin convertible preference 
shares. Merlin and EDC will 
■ sign a development co-operation 
agreement 

' Abbeygste, the Jevans . com- 
pany in the UK. will be absorbed 
by the issue of Merlin ordinary 
shares valued at £2L5m. 

The common thread in the 
moves fe the phrase “festival 
marketplace.” devised by Mir 
James Bouse, the chairman of 
EDC and the man behind the 
regeneration of the Baltimore 
waterfront in the US. 

It «s officially described as 
u a type of. development which 
combines speciality retail out- 
lefts and restaurant and fast 
food facilities." Covent Garden 
in London is an example. Hr 
Jevans “ st is all about 
the question— can you create 
an Atmosphere where people 
want to be.” 

. The . Rouse technique, of . de- 
velopment is being used by 
Hayson at Its Darling Harbour 
development and Merlin wants 
to use it in the UK, 

Once the financial links 


between Merlin, Hayson, EDC 
and Abbeygate have been 
forged, Merlin expects it will 
have around £18m to start in 
the UK. 

Some 20 projects were being 
examined, he added, and 
negotiations were advanced in 
three cases. Merlin expected to 
announce its first two develop- 
ments in three months. 


FIRST UNION 
CORPORATION 

US$1 50,000,000 

Floating Rate ' 
Notes Due 1996 

7be Rats of Interest per ennumon 
All Union Corporation's 
US81 50,000, 000 Floating Rate 
Notes due 1996 tor the interest 
Period beginning 13th May, 1987 
andendng 13th August 1987 the 
next Interest Payment Date, wiH 
be7*S»%. 

The amount of ktemst payable for 
such Merest period on each 
$1 0,000 principal amount of the 
Notes will be $186^8. 
PBB*nk*r* Trust 
UCompany, London Agent Bank 


Land Securities 

Abridged Summary of Results for the Ybar ended 31st March, 1987 


31.3.87 31.3.86 Increase 

£fm Fm % 

204.1 171.5 19.0 



Total income 

Net rents and interest receivable 
Interest payable 

Income on ordinary activities 
before taxation 
Taxation 

Income available for distribution 

Dividends per share paid (3.25p) and 
proposed (7.75p) 

Earnings per share 
Dividend cover -times 

Net assets per share 


The Knight Frank & Rutley valuation of the portfolio as at March, 1987, totalled £3,0G9.8m, 
an increase of £466.5m over that at the previous year end. Taking into account expenditure 
on properties, £1 79.2m, and the book value of properties sold, £25.8m, during the period, 
the surplus on revaluation was £313.1 m, an increase of 11.6% (1986: 3.3%). 

Incorporating the valuation in the Accounts at March, 1987, and without adjusting for taxation 
payable in the event of properties being sold the consolidated net assets or the Group at that 
date amounted to £2^56.4m, on which basis the net assets per share were 488p. 

It is proposed to start developments, within the next 12 months or so, to provide a further 
1m sq.ft net of air conditioned offices in the City, West End and Victoria and over 650,000 so ft 
of new space in covered shopping centres. Construction of over 800,000 sq. ft of retail ^ 
warehouse space has started, or is due to start later in the year. 

In addition to £200m of long-term borrowings raised in the year to March, 1987, a further 
£300m loan capital has been issued since the year end. When folly paid, the aaareaate loan 
capital outstanding will be £837.3m of which £251. 0m is unsecured: 

The further expansion of the Group's development programme, much of which is due to 


1640 

43.4 

1340 

21.1 

224 

105.7 

120.6 

31.1 

112.9 

33.4 

6 # 

(491 

89.5 

79.5 

12.6 

11.0p 
17.78p 
1.62 ' 

9.8p 

15.79p 

1.61 

12J2 

12.6 

488p 

420p 

16.2 



Non-shareholders who would like a copy are requested to write to The Secretary, 

LAND SECURITIES PLC Devonshire House, Piccadilly, London W1X 68T 









Financial Times Thursday May 14 1987 


1^ Auditors 

J i’ Frankfurt, W. Germany 

DM 80,000 > DM 115,000 

We are a world-wide Fortune 200 multi-national with 51 industrial and 
commercial units operating throughout Europe. We currently have vacancies for 
auditors in our Euwpean Audit Department at Staff, Senior and Supervisor level. 

We Require [ . 


— An invariable career ' experience initially in auditing with a heavy 
emphasis in operational areas such as Sales/Marketing, Production, etc. 

V — Future possibilities in line functions. 

— An organisation committed in general to promoting and developing your 
: future. / 

^€onstanj contact with general management as part of the work content 


We Offer 


— A matrix personality 

— Proveriaccountancy experience 
. — Fluen f in English and either Italian or French 

— A desire to travel (75% with weekend at home or at an alternative 
loratw) 

(Teleplwnengn) . . 

INTEREST®?! Call David Thompson between 9.00 and 13.00 hrs Central 
Europeanpne at 49-69-80431 or at the WEEKEND at 49-6190-5478 or send your 
resume wDavid Thompson c/o DYNAFERT, Kaiserleistr. 44a, 6050 Offenbach, 
WestGemany. 


CORPORATE FINANCE 
MANAGERS 


International CAs - London 


£25-40, 000+car 


Ernst & Whinney is one of die world’s leading firms of accountants 
and financial advisers with a commitment to excellence in the 
services we provide. 

A feature of the firm is our ability - in the wake of strategic 
growth - to offer fresh career oppor tunities of the highest potential. 

Presently the need is for experienced managers who can make 4 
an early impact on die firm's vigorously growing corporate finance business. 

Key requirements will be die ability to: 

Discuss with clients at board level their corporate strategy and capital 
requirements. 

Advise on capital structures. 

Supervise/review the preparation of business plans and financing 

proposals. 

Recommend appropriate means of finance. 

Support and implement market initiatives. 

Aged at least 28, successful candidates are likely to fJ* 
be qualified accountants with a thorough knowledge of the 
capital markets and well developed contacts within the 
investment community. ' Jjp-' 

Those demonstrating real commitment and 
ability will enjoy first class prospects including .< 38 ^ 
partnership in the short or medium term. 

Please write with full cv. to 
Barry Compton. 




Financial Controller 

Top job with an expanding food processor 
. to £27,000 4- car: North West 

■! This thriving company, a £ multi-million subsidiary of. a large 
; international group, manufactures and sells its extensive high 

, volume, high value food product range to major retailers and 

• caterers nationwide. The record of growth is impressive and will be 
• sustained through further investment and improved management 

i' control. 

Reporting to the Managing Director, accountability will be for all 
financial and management accounting in the UK including Company 
Secretariat, Pensions and Personnel responsibilities. With a 
compact team in support; a key objective will be the progressive 
enhancement of the computerised financial and factoiy accounting 
systems. Naturally, involvement In the management of thie business 
will be total.' " • 

'i; m - Prob&blynn thSr late 30*s early 40’s candidates will Be professionally . 
' qualified senior "financial .managers from food, drink. 

. : pharmaceutical or other relevant high speed manufacturing 
industry where exacting management information and control 
syrtems are essential for commercial success. 

- . - - . Remuneration for discussion to £27,000. Car and usual big company 
" benefits Iridude cost of relocation to a pleasant part of the North 
west 

Please write - in confidence - with full career .details to Roy 
Hammond, ref. B 13003. 

MSL International (UK) Ltd. 

Sovereign House. I2>19 Queen Street, Manchester M2 5HS. 

Qgkah Europe. tkAmOkes. Austnlek and Asia Padfic. 

M5L International 

.ljm ■ 


Ernst & Whinney 

Accountants, Advisers, Consultants . J 


BccketHouw, 1 Lambeth Palace Road, London SE1 7EU. Tel: 01-928 2000. 


FINANCIAL 

CONTROLLER 

AN EXCITING 
OPPORTUNITY 
IN SPORT, 
THEATRE AND 
SHOW BUSINESS 
Package c £17,500 

per annum 

Britain’s market leader 
in personalised 
corporate hospitality at 
major sporting events 
requires a FINANCIAL 
(CONTROLLER. This is 
a unique opportunity in 
a dynamic environment 
Apply to: 

Chris Bruton, 

Chairman 

THE CAVENDISH 
CONSULTANCY 
LTD 

161-169 Uxbridge Rd, 
Ealing, London 
W139AU 

Closing Date for 
Applications 22 May 


Appointments 

Advertising 

£43 PER SINGLE 
COLUMN CENTIMETRE 
Premium positions will be 
charged £52 per single 
column centimetre 
For further 
information cnlL* 
JANE RANDALL 
01-248 5205 
DANIEL BERRY 
01-24S 4782 
DAVID RHODES 
01-329 4726 
TESSA TAYLOR 
01-2363769 


THE BAHRAIN NA110NAL OIL COMPANY ygtp 

MANAGER 
Management Accounts 

Arabian Gulf 

c.£33,000 + Extensive Benefits (Tax Free) 

The Bahrain National Oil Company, a pnmc production, markrring, exploration and service company in the 
oil and gas industry, located in the Arabian Gu ‘ wishes to appoint aManager of Management Accounts. 

The Manager will report direedy to die General Manager; Finance and A dm i n istration and hoM overall 
respomsibiEry for all accounts related to costs and budgets, investment and contracts, sales, distribution and 
refining. He will also be required to provide advisory and “hands on’ support in reporting, developing, and 
xmpleiTHaitingnewsysteiu!, and policies which will demand a wide and in-depth range of professional skills 
hading to die development of management information, improvement ofcommimicarion.within and 
b etween departments, and co-operarion with outside agencies. 

Urn new appo mtmmt resnlts ficom die planned restructuring of the department which wiH eventually have a 

complement of 32 pro fessiona l staff 

The succcssfhl candidate wiE be a qualified Chartered or Cost and Management Accountant, 35-45 years of 
age, with a successful and progressive career to date in an oil and gas environment. Previous experience of 
feunml Mnuna g wnmt W4 w i^^iirijl preferably gained in an expanding business making 

extensive use ofeo mp utensed accounting systems. 

The a p poi ntmen t carries a tax free r emunera tion package and also offers: 
five, famished, married status acco mm odation and utilities • feznDy me d ic al attention and basic 
dental treatment • education assistance fi»c up to 3 children • two air feres per year for duMren 

edu c a te d in country of origin. 

Air fares, free on termination and annual vacation (36 calendar days) for wife and family as 

app r opri ate. 

Initially das is a two year contract; with renewal negotiable. We would like to hear from those prepared to 
meet a diaHenge in an ideal environment to work and live. 

T el e p h o ne for more information or write in confidence to; 

W Martin Dyas 
Saba & Nagle International 
International Selection Consultants, 

23 Petnbridge Square, 

Londqn W2 4DR 
Telephone: 01-221 2996 


SABA AND NAGLE 
INTERNATIONAL 


CORPORATE 

CONTROLLER 


Cambridge 


To £30k + car 


Our client is an emerging international Biotechnology Group which has 
extensive interests in the USA and the UK. The Company is establishing a 
research base and headquarters in Cambridge. 

Responsible to the Chief Financial Officer the new position of Corporate 
Controller has been created. With a functional responsibility for Divisional 
Finance Managers, your primary objective will be to implement and manage 
financial control systems which will provide an integrated, disciplined 
approach to running the business. 

X n t^mafirmal finance experience, ideally in hi gh technology where the 
technology is emerging into the marketplace, considerable technical 
competence, a professional qualification and computer literacy are essential 
requirements for thisimportant position. ‘Vfou should be a mature and resilient 
team player with high intellect and well-developed interpersonal skills. likely 
age range, 30 to 40. 

A highly attractive remuneration package , a stimulating role and considerable 
career prospects await the successful candidate. 

Please send your c.v. to Mm Graham, quoting reference CG/T W, or ’phone 
him fix a confidential discussion. 

CAMBRIDGE RECRUITMENT CONSULTANTS 

PI 


la Rose Crescent, Cambridge CB2 3LL. Tfel; Cambridge (0223) 311316. 


Banking experience not essential — ideal introduction to 
this fast growing sector. 

Investment 

Banking 

Young Chartered 
Accountant 

City £18,000-£20,000 plus 
excellent banking benefits 

Investment Banking Arm of Major 
International Bank 

We invite applications from Chartered Accountants, 
who must demonstrate an aptitude for managing staf£ 
gained either within the profession or commerce. 
Ideally, experience will include exposure to financial 
analysis and the development of management 
information. 

The selected candidate, who will report to the Manager 
of Accounts, will have the opportunity of making a 
major personal impact in this interesting accounting 
role. Responsibilities will include supervising a team of 
seven and the accounting for all h ank expenditure and 
the production of monthly management accounts with 
variance analysis. Additional duties will cover lease 
accounting, VAT, and other regular and ad hoc 
activities of both the Bank and its subsidiaries. 

Essential qualities are initiative, self motivation, strong 
communi ca t ion skills and the ability to manage and 
develop a diverse accounting team. Initial salary 
negotiable £18,000-£20,000 a plus subsidised mortgage 
and excellent banking benefits. 

Applications in strict confidence, under reference 
IBYA/19I48/FT will be forwarded unopened to our 
client unless you list companies to which they shonld 
not be sent in a covering letter marked for the attention 
of the Security Manager: 

Campbell -Johnston 
Recruitment Advertising limited 

3 Irmdan Wall Buildings, London Wall, LarSon EC2.ll 5PJ. 


MANAGEMENT 

CONSULTANCY 

with 

PIMS Associates of the 

Strategic Planning Institute 

The Strategic Planning Institute operates the PIMS 
(Profit Impact of Market Strategy) Programme, the 
oldest and most extensive effort to apply the 
empirical research techniques of science to 
competitive strategy. 

PIMS Associates, the wholly owned consultancy 
subsidiary of SPI, currently has an opening for a 
BUSINESS ANALYST/CONSULTANT. 

The successful candidate is: 

— aged 28-32 

— comfortable with statistics & economics 

— formally trained in business (preferably 
an MBA) 

— eager to learn, and to impart his/her 
knowledge to others 

— willing to travel extensively 

For further information, contact: 

Bob Luchs, The Strategic Planning Institute, 

Finland House, 56 Haymarket, London SW1Y 4RN. 
01-930 5055. 









28 


COMMODITIES AN D AGRICULTURE 


Financial Times Thursday May 14 1987; 


By Ann Charters in Sao Paulo 

FOUR FARMS belonging (0 
the Lancashire General In- 
Tesisunt Company, a pri- 
vately-owned Brazilian com- 
pany belisglng to the lord 
Vestey group In the US, have 
narrowly ...escaped ...being 
recommended for expropria- 
tion. The nine-member 
agrarian commission of the 
Sao Paalo office of In era, the 

federal agency responsible for 

pushing through President 
lose Samey’s land reforms, 
recognised that the produc- 
tive farms should not be sub- 
ject to expropriation and 
agreed to end the proceed- 
ings. 

In the two years since 
agrarian reform started Presi- 
dent Samey has said publicly 
serial times that no produc- 
tive farms would be touched, 
bat ft is an example of the 
politicisation of the land 
reform process that the Lan- 
cashire farms even reached 
the Commission. 

According to In era's own 
inspection in finding, the 
farms totalling 125,000 hec- 
tares in the interior of Sao 
Paulo are cl ossified as agro- 
businesses with a productivity 
Index of 119 per cent, well 
avoe the state norm for land 
utilisation. 

The proceedings against the 
farms were initiated a year 
ago by a Federal deputy from 
the PMDB, Brazil’s main 
political party, who nnsne 
cessfully sought re-election 
last November from a city in 
the interior of the state 
located near one of the Lan- 
cashire farms. He claimed 
that the cjiv, and Guars ei, 
was impoverished because of 
the presence of the forms. 

One of the Commission 
members. Hr Vlineio Jun- 
qaeira, ' an international 
property owner, said that the 
farms were modelled on 
advanced techniques, had 
achieved a yield in corn 
which In some hectares sur- 
passed US yields, provided 
bousing, schooling, a recrea- 
tional elub, transportation 
and subsidised fod for Us 
workers, and stod oat when 
viewed from the air. 

The farms, Faeendas 
Jacarecatinga, Sao Francisco, 
Jaearerinho and Posse do 
Rio Grande, have an average 
yield for com of 115 to 120 
hags per hectare, with a high 
of ISO bags in some areas, 
well above the Brazilian 
average of under 50 bags. 
Maize ( sugar cane, soyabeans, 
oranges and coffee are also 
grown. 

The farms have also 
collected six years of genetic 
data on 40,000 nelore cows, 
as part of Its effort to 
Improve the breed. Accord- 
ing to a Brazilian agronomist/ 
geneticist working on the pro- 
ject, it is the larges and most 
efficient study of nelore 
breeding in the world. 

Range fed cattle from the 
farms are slaughtered with a 
carving percentage of over 
90, when the national norm is 
50. The time span to reach 
slaughter weight of 240 kilos 
has also shrunk from the 
Brazilian norm of 44 to 45 
months to 30 to 31 months. 

Early in the four-hour 
meeting on exporopriations, 
one commission member said 
that It would be “ suicidal " 
to recommend expropriation 
for farms Incra Judges to be 
productive. Nevertheless, the 
commission is worried that It 
has filled only 3 per cent •»! 
Its quota o fland per m ig r a n t 

farmers- 


Judge turns down plea to 
wind np Tin Council 

BY STEFAN WAGSTYL, MINING CORRESPONDENT 

A HIGH Court judge yesterday it existed elsewhere in law. which would make it directly 
dismissed an application for a Maclaine Watson had argued liable for its debts, 
receiver to be appointed to re- that the council should be re- That was the “ crucial 
cover the debts of the insolvent garded as a partnership, which question ” in direct actions by 
International Tin Council from meant that, under English law, creditors against member 
its 22 member states, including the partners would be liable for governments, 
the UK. its debts. tu-nnloino Water,™ 


the ^ Rnt Mr Tuutipo wniAt+ Maclaine Watson has started 

Mr Justice Millett was giving th ? Ut rn ^ H ] * such an action against the 
judgement in one of a series n?™. British Government which is 

of cases arising from the tin ^StSSatiSSSl applyi S 8 *? struck oat 

crisis, which blew up in October S^whfeh^JE n TS?3 “ » Sp^Sf due t0 , B J ar l on 

^ ’LE-.jruaa 

m.ern.Uoaal tin price sapper, were £SS 


international tin price support 
pact 


and banks are launching 
similar actions, among them 
J. H. Rayner (Mincing Lane) 


He said Maclaine Watson, a finder d which I* SiS J" a 5**® cu / I ^”J Jy beilI « heard 
London Metal Exchange trader ££2*) and no wh e £ pn ? ate - Solicitors acting for 

owtf mn than fto by the Egg .-“Thefaaftattife r?A SrtwftSfo SnSKtfSt 
council, had embarked on a not enforceable by the SLda?s iudE^Mt 
“hopeless'' qnMt In trying to English courts does not entitle yesterda y s Judgment 
show that the ITG bad a right the courts to pretend that it • An opposed position for the 
to claim conmoutions from its does not exist or to cast around compulsory winding up of ACLI 
members and that a receiver for some fanciful source of the Metals (London), which 
could take over his nght ITC's rights against its formerly traded on the LME , 


could take over his right. ITC's r 
The judge said Maclaine Wat- members.' 
son’s argument was based ou Mr Jus 


was adjourned until June 10 


son’s argument was based ou Mr Justice Millett said he in the High Court yesterday, 
the 'fallacy * that because such would not rule on whether the The petitioner, Metall und 
a right was not stated in the council had a separate legal Rohstoff, a Swiss company, is 
International Tin Agreement, personality of its own, distinct cl aiming £43 m, the outstanding 
which set out the council's from its members, in both balance of a judgment f p- 
nghts, it could be inferred that international and Engiich law £50m. 

First platinum option announced 


LONDON 

MARKETS 

ALUMINIUM continued to 
outshine the London Metal 
Exchange's other base moral? 
contracts yesterday as prices 
registered the fifth consent 
months position touched a 
two-year high before closing 
at £88325 a tonne, up £ 27.50 
on the day and £ 73.75 above 
last Wednesday's dose. The 
cash position rose £ 23.75 yes- 
terday to £390 a tonne. 

Dealers attributed the rise to 
a continued strong Japanese 
buying and snow-balling spe- 
culative activity against a 
background of tight physical 
supplies In the US and Japan 
and a shortage of good quality 
metal. Most other base metals 
were also firmer, with cash 
Grade A copper recovering 
£7.50 of Tuesday £9.50 falL 
But zinc continued to relin- 
quish some of Its recent gains 
£16.50 to Tuesday's £24 fall. 
Dealers said the zinc market 
remained very nervous fol- 
lowing Monday’s overdone up- 
ward response to news of a 
strike at Comlnco’s Kim- 
berley /Trail complex in Bri- 
tish Columbia. 

t ,!ytf prices supplied by 
Amalgamated Metal Trading. 


INDICES 

REUTERS 

fiiy~ I3Pttay UjWtiT aggVwaflQ 

1610.4 i 1616.pl 1560.lt I778J 
(S«M:'Sopl»tnb4r 13 "1931 -WO) 

DOW JONES 

Dow | May May i Mt/i i Yaar 
Mm is 11 ■ ago j *go 

soot u».es usaS - u&m 

Ait ,190,78 130.99 - 188.37 

(Basaf December 31 1931 *100) 


MAIN PRICE CHANGES 


US MARKETS 


GOLD 100 troy <>«. s/tmy a* 

Oa« iw “tltgft^ Ew 
M«» ISM JBB.T 4*0.0 44,0 

Jwra 490.0 4«.4 *£0 «*0 

July 682.8 UU 496.0 ««0 

AifflUn 493.9 4870 47 ZO 

Oct 471 J 472.4 478.D 4710 

D+C 478,9 4733 40.0 4793 

Frt 433.1 484.4 ».« 483 > 

April 498.1 490.4 4K.S 491 I 

Jun* 496.4 494.8 SD11 4M ! 

Oct 309.7 508J 91X0 911.9 

Dm 914-9 619-7 KSLO 614 O 

M 622.4 S23.6 B29.B KS.O 



PLATINUM w troy **. ” 

Ctae'ir" u Pr«v High Lew 

June 0OZJ 417.4 — — 

July 008.4 919.1 ■ 624.4 404.0 

Oct 412.4 426.4 6U.0 410.0 

Jan ' 819.4 833.3 BH.9 B20.O 

April 436 4 «HJ 941.0 434.0 

Jufr 833.4 B88J Mfl.S 837-0 

SILVER 5.000 tW ox. c*n»/trey or 


ALUMINIUM 

l Unofltol&t + 
IcIom (p.m.) 

£ per toon a 


Coconut (Phil) |S4fiOu pa 18400 
Palm Malayan >3SOv Us.S 1*360 
BMd* I I l 

Copra (PfiJR fsSSBu i-....."...;ss»o 
Soyabean (U.8.1 IglSl 1—4 B 14 1.0 

GRAINS 


WTBn TRADE,, local and May asm jbb.t 44 Q.C 

commiss ion hUe buying j"* 3 * £s 2 u 

touched off 80P9\ln early «s.i 447.0 mv 

trading >9 the nd, iftwr oct 4712 472.4 atm 

and platinum ' all S’® JH-j 

steadied, reports Drmel Burn- £ 5 ^ ^4 492 'a 

ham Lambert. Howete, trade ££,, 499.4 «mls sto.b 

selling at the highs prompted o« m.7 sow too 

profit - taking wh& Too j*» Elf EjJ SlS 

touched off ■ stops w the - - ■■ ■ ■"•• •• — - 

markets cloned lowerW the piatinum w m. agy. « 
day. Profit-taWng inWpcr 

futures al«o hrtees Ss a . ro.s 

decline. Mora consthcttve ©a . 912,4 426.9 4M.o 

a™ is, S-i Si RS 

** «» ■“ ■“ 

steady crude oU future in silver s .000 wy «. 

the fora of mtod tade cio« hw 

activity. Trade* wd ^ $£5 SoS 

inr firmed coffee futures ja jmy 1730 m.s mi 

the face of scales p comris- sw 232 »gf 

don house buying. In twj d« M 2.0 bw .6 wm 

futures early strength irn aun* 919.7 tas io*n 

house buying and short-covA M*y *52.« 9*1.4 su.o 

as local a3 ** too too jm 

speculative selling emerge^ sugar world *~n - 

touching Off stops. Sngr 11X000 B>. ctwaflo. 

featured two • sided trae ciom pn* Mgh 

- Lwe stead- -Mr . 7« ens 7.11 

activity, on d««h* ««>* 7.10 7.02 tji 

ing. Cotton futures staadld o» iji 141 7^1 

on short-covering and prop- Jn - 7.60 7^« i.rt 

“ tas - ET* H ?:« ?:3 

as a result of snort-covcmr a m 7M i.oi 

In the expiring May contrmc o« a.17 ono a.iz 

TTie grains continued to eas'- 
on long-liquidation, reflecting CHICAGO 

USDA of lower country ^ Chm. ft*. Niah 

Prices. AupuW 41 XS 42.82 


Cion 

Frev 

Hlpb 

Low 

864.6 

872J 

8*4 0 

869.0 

857. S 

878.0 

880 0 

875 0 

873 0 

881.8 

>*3.5 

873 0 

884 2 

nu 

904.0 

666 0 

9Q2.0 

910.6 

mo 

9C20 

806.0 

816,6 

— 

— 

919.7 

08 

KH.O 

602.0 

802.6 

941.6 

863.0 

9S3.0 

948.0 

968 J 

980.0 

663 □ 

WORLD “11" 
R>. oente/lb. 
Cton Frev 

Kfgh 

Low 

7J6 

6J6 

7.11 

8-91 

7.10 

7J2 

7J1 

7-29 

7J7 

7J1 

7^1 

7J7 

7.60 

7J4 

7.47 

7.40 

7.74 

7.87 

7.JS 

7.55 

7.88 

7.86 

7.0 

7.85 

9.01 

7.94 

8.B1 

798 

8.17 

809 

8.12 

■-07 


CHICAGO 


+L W Htah/Law- Barfoy Fub 3aptt£9S.60 
Hlgh/Low Malre (£ 106.00 


BY LAURA RAUN IN AMSTERDAM 

THE EUROPEAN Options the other three exchanges. That sent gold and silver Option- 
Exchange (EOE) in Amsterdam way a position can be opened trading soaring on the EOE, 
will launch next week the on one bourse and carried and presumably fuelled linked 
world's first platinum option, through the time zones to allow dealing. 

which also will be listed on the trading nearly 20 hours a day. Platinum is traded currently 
Montreal, Vancouver and on the New York Mercwtile 


C*sb I 889-91) +93.70 — 

3 month 1! 803-3.51 +37.0 >888/873 


Wheat Fut. July'S 188.40 
Mo. 9 Hold Wlnt.1 I I 

OTHERS 

cocoa pl 33EF leiasfl i 


Official dosing Cash 889-90 S£P»S’3aS; 

sent gold and silver ’ option- 

trading soaring on the EOE, do»: &8O-31. Turn o«r 1S825 ton nu. Rubber (Kfki) 


£1306.6 Ua.6 {£1387 
75.26c i+O.88,60.7Oo 
SI 64.76 +0^1*141 A 

& 1.&0 + 0.0 aip 

S178u 1-4 n 8175 


NEW YORK 

AH*miuium 40.000 lb. o*nt*/»b 
CioM Prrv High 
May 72.60 77.00 73.00 

June 71.00 — 

July 89.90 68.00 7086 

Soot 87.76 67.00 — 

S? 67.00 66.00 66-60 


Close ft** 

June 87J7 68.62 

August 41 XS 42.62 

Ort 40J0 

D*c 41,46 

hb 

,*pbl 

62.82 82.80 B3J0 


COPPER 


Montreal Vancouver and Th f exchanges origin- on * he New York Mercantile 
Sydney stock exchanges m a ^ establish«i S Echange (Nymex) where a Grad* , 

widening of theu global tradine S lflold Sd opS contort covering 50 

“*■ in the early 1980s but have troy ounces is listed. Nymex is cart 

The option contract which admitted that the amount of a ™?. considering launching a a months 

will be unveiled on Tuesday, business flowing through these pi |"£ num °P tl o“ contract Offieiei 

will cover 10 troy ounces of global channels has been _ The new option on platinum (917-8). i 


[Uiicfflo’i + or 
[ close — Hiflh/Low 
- £ per tonne 


l S18.6-3l7Ai+7.9 8171915 
1 895-6 '+6.751897/895 


Sugar IrsWt B178u — 4M >175 
Wcottopa 64e_ '+8 Ip Kllol J«71pknc 

t Unquoted, t Per 75-lh flesh, c Cants 
a pound. * Cotton outlook, w June-Aug. 
v July, u Mey-Juno. 


67.00 44.00 

67.00 44-00 


lpkno I Much 
May 


COFFEE 


SO considering launching a 3 months 1 895-6 ‘+6.75i 897/895 Trade hedging restricted gains as 

atinum option contract " — I 1 — , _ . ^Bht commission house buying took 

mho now rintinn n*, Official olcsmg (am): Cash BUMS (avals back to Tuesday's highs, reports 

The new option on platinum (917-8). three month* 896.0ese (896- Dmel Burnham Umbert. In moderate 


875-80 +1 888/883 

865-76 -11 >870 


origin saHIng was noticeable once 
more. Altar a study opening against 
a steady New York close, persistent 
trade sailing pushed levels lower. 


platinum and be priced in US limited. The surge in gold prices for P^c* 1 delivery is aimed s). amfoonne 9ie.s <918). Final Kba volume and a narrow range buyer* 

doUars-the same terms as on in recent months, however, has !«*dy «t providing new hedg- dOM! BS4 ^- 

mg and arbitrage opportunities — - ori 9 in ••HjnB Itotieaabla once 

™ tui+tuco standard l 1 l more. Altar a itaady opaning against 

for the platmum futures as well Cash j 87580 +1 aas/aaa a Steady New York dose, persistent 

as for metal traders rn general. 3 month* | 865-76 j-11 iB70 trade selling pushed level* lower. 

* W • • -mj rn Volume in the EOE’s gold 

Aluminium smelters seek 

m * * . m . 9 Sold prices and is starting to 

investment opportunities T -"" ; 

world's premier exchange for 
precious metals. The EOE LEAD 


ants a pound. Total 
tonnes. 


HODS 30.900 A. unWA 


Free 
84.90 55.47 

51.14 51.96 

47 JS 47.95 

424» <2.42 43.10 

42.27 42.16 

41^0 41.00 

39.32 39.12 

.70 42.00 41.70 


eonts/89 lb bushel 



Pern eases 
silver 


Unofficial + or Sdu: 2^76 (5^67) lota of 5 tonnes. 

ctoM (pjn.) — High/ Low ICO buHcator price* (US cents pet 

£ P* r tonn * pound) lor May 13 Comp, dally 137S 

cash 419-15 - + 9.B 14191418 ]&« < 111J8 >* Mn « m U0M ' 

3 month *365-5047]— 1^5 ;a68/8S6 IM»-BO). 

Official closing (am): Cash 418-9 OOCOA 
(418.5-6.5). three mondu 3668-5 (369- _ ^ . . . , . 

70). aatdBmeot 419 (4165). Final Kerb . ftiwma feHed to make tha higher 
dosa: 367-8. Tumoven 13.475 tonne*. **“• ■ nt * Mdwwng com- 

US Spec 2485 cent* » pound. nriaslon house aelHng. light producer ^ 

interaat was aeao early In the day but EE 
physicals warn generally neglected. 5rJf 
reports Sill and Duffus. 


NICKEL 


UnofflouU + or 
cloaa (p.m.) — 
£ per tonne 


Hfgh/Lewr 


■to 1 -day's • 

oloeo + or Buelnoas 
— — — — done 


Cash B77588 
3 months 12770-75 


May..-- 1960-1870 

H2SSS July— 1281-1993 

3775/1700 Sept 1307-1308 

‘ Doc- 1329-1331 


BY jOE MANN IN CARACAS precious metals. The EOE LEAD 

VENEZUELA'S two largest national of the US owns the EJSTSSiJSTSLJjSi ?« 3 SSSS5b - — . 

aluminium smelters— Ven alum other 50 per cent of shares in J25^?? B u^BnS of nS unofficial + or saias: 2*7e <5.367) lot* of s ton 

and Alcana— are searchhig for Aleurope. Both Alcasa and two^w ex?han2te Hl0tuLow lco p*»> (US cent. 

new investment opportunities Venalum said they are holding £p«r tonne pound) lor May la comp, daily 

in aluminium product com- talks with other European and o^pfor^ravMtiins °** t ' 412-15 ■+ a. 0 Uiarois 11^68 <111 JS)j is^ay average 11 

p anies located in the US and American aluminium com- 1116 otner 0 ener «y options. 3 rno nth* [ 366-SM7|— U5 jsesise® (m».bo). 

E, K- nl.n W ‘ b0nt POKibIe j0lnt „ OfBel.l C.h COCOA 

l^ey plan to buy stakes in ventures. VavII AOCPC (418.58.5), threa momhs 388-8.5 (364 _ ... . 

offshore companies SO that they At the same time, the two ffTCtll Coach 70). aetdemeBt 419 (4ias). Final Kerb funirea tailed to make tha hl| 

can ensure placement of part Venezuelan concerns — now __ 3*7-8. Tumoven 13^75 unwe*. J"™* ““ “JJ* f 

of primary al umin iu m (ingot) undergoing major expansions dlvAr us spec 2*« emta a pound. SS S^g25fc 95,^5 

production in their two most in aluminium, production capa- — - - phyaiceie ware ganereffy negiee 

important international city — have secured long-term ovnA rt Kan NICKEL ■ wpBrn SiH - ,Bd - llllll “ l - 

markets, and share in profits sales contracts with European CXpOft Udll [Yoaterdayai 

from downstream manofactur- and American clients. _ _ . „ <uore> -f or Buatr 

ing, distribution and sales of Venalum and Alcasa are By Doreen Glllnple m Lima “ESw (p #n o — hiciulow e par tonne — ^ 

aluminium products. Vene* both Joint ventures in which BY DOREEN Gillespie in LIMA £ per tonne — 

zuela’s state-owned petroeum the Venezuelan Government THE Peruvian Government has ^ 9775*0 1 -0 sajuaim ^SE*— J5S?"?I2S “5*2 

industry is carrying out a holds a majority. A group of toned down its three-week-old 3 months 12770-75 I +10 \hmnno seoCZZZ iloi'ilos I95 

similar programme investing Japanese industrial firms owns ban on silver exports. . , _ . „ ... .... ’ doc- 1399-1331 -10.0 

around $4fl0m so fat in oil 20 per cent of Venalum (pro- Minpeco the state marketing a^KW). MmE& 5bm * 3® BStZT.: iotmotS Eb'.o 

refining and distribution duction capacity of over 280,000 company, has told private pro- bo), aametnent 2.770 (2.790). Final Ju^ 1396-13BB 

systems in Europe and the US. tonnes per year of primary ducers that the "temporary Kerb cloaa: 2.770-75. Turnover; 1.528 - 

Alcasa last year invested aluminium) while Beynods ban” only applies to refined SbIm: 4 - Z5 ° 0.473) iota of 10 war 

$15m in a 50 per cent interest International holds 15 per cent silver and does not include '9®® 

in Aleurope, an alu mini u m of Alcasa (production capacity conrentrates, as originally ruled. 7INC n.aaei); fo^/Sinn r ieMw 

extrusion and foil maker in of over 144JXX) tonnes per Silver which would otherwise i.eoe.37 (i .eos.ra). 

Belgium. Reynolds Inter- year). have been il _ ex PS rt ®°_, ls _ oeing unofficial +or 

by the Central Beaerve «g». »iewu» FREIGHT FUTURES 

Jananese steo up buying ss* ban =asi«- ' — lst '"r 11 ” 1 p ™ 

r ar nr •/ cf uncertain and local miners are ntw . , -rr- — — — Pry 0w "° 

Japanese aluminium consu- that spot prices are likely to anxious for a return to the free (43K jnShaMa/i 7B i 

mere have stepped up forward rise farther in yen terms in market so tha; they can make (534-4.6). aamament 521 (sao). Final ^ in iS?,2 JjR22{?8iS 

buying of primary metal on the reaction to reduced output by up losses incurred last year Kero dose: soe-9. Turnover 15.52s jtjr lMS/iQM'ioisJiDM iomJ 1 

international spot market in the large North American smelters, because of low world silver *°™!**- u S . Pf1i r * w**x*fn: 41^45.75 Apr> laso/iiffij — ioto/i: 

past few weeks following sharp Japanese demand for primary prices and disadvantageous ^ p ^ — ®°o/9i 

domestic production declines aluminium is estimated at some exchange rates for exports. amSm — Sso 

and tighter supplies from over- 1.8m tonnes, Little changed Peru, the world's second big- TIN 1070 — 1070 

seas. Reuter reports , from from the past few years. But gest exporter exported 22m kuala uhspur tin market— cio*** 10B7 - g ~ 10BS 

Tokyo. imports are expected to rise to troy ounces of refined stiver, Turnover; ero (825). 

They are expected to continue 1.6m tonnes this year, against worth $l&2m. in the first two ' 1 bb» p« b p 

buying forward as they believe 12m last year. months of this year. _ itdaiicic 


l-lfi 1360-1357 COFFER 25,000 H». ceme^b 

-9.5 1383-1367 Chree ftev Hie* L** invuMiw 

-2.5 1398-1378 May 67.7S 68.00 OtiO 57.80 ■OVA«EAR» 

-LO 1415-1368 jura 07J2O 67.43 — — ^ Fu mM, 

+8.0 1430-1490 July ea.as HJ6 47 JUS NX 

+ 11.6 1450-1449 Sent (US 69 JO 68.10- 45J0 May 

+ ra.O — D«o 68J10 66 JO BUO 96.10 July 

Salas: 2,578 (5JG7) lata of 5 tonnes. iMrch -. UJO HJO . 67 JO 68J0 

ICO buHcator price* (US cants par May 66.58 67.20 67.90 67^ Mov 

pound) lor May 12; Camp, dally 1979 July 86.86 67.66 87.80 67J0 jn 

112.68 (111JS); 15-day overage 110J1 Sept 67.16 99.00 ■ — — 

COTTON 30.000 lb. cento/lb . ^ „ 

CIdm Frav High Low 1_ 

Jufy 59.18 69 JS 99.73 98.66 SOYABEAN ME 

Oct 98J6 46.00 46J6 46J0 

Dec 68.12 97JB 48.0S 67.46 May 

March OKJSO 67J7 46J0 IMS 

May 894)6 4BJ7 B»J5 tt.K> aZ 

July 69.20 9SJ6 ■ — — StS, 

Oct 67J6 SUE 69.00 98J0 


000 Ibe, cwrte/lb 

High Low 
74.60 72.83 

71.10 86.12 

66.65 94.42 

6626 66.90 

57. 

68. 


CRUDE -OIL (LIGHT 
49JOO US galkma. S/barrel* 


Latent •' Frev High Low 
June WJS 19J7 10JD 19J1 W 

July 19.0* 18J» 19.16 19.09 ZS. 

Augnt 18JW 18 JO 19.02 18.84 SOY i 

Sept 18.70 15.74 18J6 19.70 

Oct 18.73 18.71 18J2 18J0 u „ 

Nov 18-72 18.70 1BJO 18.72 

Deo 18.70 19.70 11 JO 18.70 ^ 

J» W.70 18J6 18.70 11.70 

Fab 18.73 19.88 18.73 18.73 *£?* 

.... March 18.87 — — — S® 1 

Sale*: 4J50 (3.473) lot* of 10 Mings. Q| L — 

fCCO todhietor prfona (SDRi per 42JOO OS gallone, ceme/US gaPpcw 


673 
577 
679 
606 
533 

»0-\ 90C.4 §82.4 

5?M 408.0 699.4 

~na — ^ Juty 9m.o % m jt sooo 

98.78 98JS SOYABEAN MEAL iC f/t/Cl 

' 2S Cloaa Pr Hfaii 

2 £ £•* May 172.0 169 -mx) 

SS 99jo is 22'5 !“ . 1^-0 ' 

9a ' nt Aug 171.7 169. 172.O 

86.00 88J0 5jf* J5-S 1^/ 173.0 109 5 

Of* . SijW-B 166.0 

ta --. VJtJi JS^SVB' 0 163.5 

•* J*o 178.0 174.0 ^7a.o rn.s 

"i«S K Hj?" 2»*2 1770 191 J 172.5 

19J0 ISM 5JS 221 2™2 ,#1 ' 0 1tao 

19-iS Wfl) -««dy- 181J 179.0 T81J 


Low 

as ® 

14-34 SOYABEAN OIL 80000 BfSw5/5 

4*’m OOM - FlW Hlgfa Low 


Japanese step up buying 


tonne). Dally price lor May 13: 1JFI9 J3 
(1.922.91); 10-day average for May T4: 
1.50BJ7 (1.905.03). 


) Ooae [Hlgh/Lowl Prov. 
Dry Cargo 


1 *''iL Jan lB_d7 4 A fiu iia 

l QOHWW* bwm/US gaBone March 16.75 ifsa 

Latwat R5v High 1 May 18.99 18.90 1* 

51 JO 51.68 SZJO 61.60 July 16JS 18.90 19j 

61-36 61X7 52.1 B B1J0 wheat — 

S -2 S5? 5-2 5-5S woobut^c^/aoibbw, 


July 1069 [1060/101511059/1060 
Cot. lOOO/lOBO 10001108311078/1060 JWy 
Jan. lO4fi/1BSl'lO65/lO3dJlQ60/lOBO Sspt 


Sept E2J0 EU 1 SUB 52.15 ~ 

Oct OJ5 62JB 63.55 B2J6 

Nov 52.80 63.90 64.10 53 JS «•» 

Dec 64.2ft 54 JS 64.16 54.20 -My 

ORANGE JUICE 16JOO lb. ceweTIb ~ pj? 

CIom Prev Mgh Low March 

May 138.50 138.10 138J0 13CJ0 May 


Indonesia seeks Pakistan tea boost 


Apr. 103D/1KS — 

July SCO — 

Oct. 860 — 

Jan. 930/940 — 

April 1070 — 

BFI. 1087.6 — 

Turnover; 670 (B2S). 

GRAINS 


1070/1100 | Nov 
900/950 I Jan 
860 I Man 
930 
1070 
1063.6 


132.90 13136 132J0 131 JO 
Sspt 19030 129.10 130.40 129.70 8P0T P8ICES— Chicago loot lard 
Nov injO 1M.W 127.46 127.40 16X0 (14.M) cenu per paund.iartdy 

Jin . 126 JO 128.60. 127.00 12336 end Harmed silver bullion 881.5 gO-0) 

55"®* 1 J®* HD'S — — .ranta par boy ounce. New Yq tin 

May 12633 12630 — — 318-22 (319^1) cant* per pound? 


3123 311.4 

306.0 3083 


Frev Hit Low 

319.4 314.' 30G.4 

305.6 303. 236.0 

3073 305.. 298.0 

3103 312.C 301.4 


3123 304.0 
305.0 303.0 


March 12833 129.60 
May 12833 12930 


waded 19c th at 130 pm EOT. Irthe 
patrol* om prlducta markn gaa oll> n d 


Ooae .. — 8461-461 >a (£876-8761*) 

S elling-. 44501«-459 (£27SU-8764<) 

n'g fBu 8469.50 (£175.744) 

AfTn'n fix 3460.50 (££76.046) 


BY JOHN MURRAY BROWN IN JAKARTA Wi^iand . low 

INDONESIA HAS sent its top could see prices firmer for balanced accounts with trading welcome boost for Indonesia, qolxi bullion (fine ounce) May 13 

tea sellers to Pakistan this week orthodox grades, traders say. partners, may also want to re- The country if currently facing — J7T77^T — T"" E . , 

in a bid to win orders in the With unsold Kenyan stocks duce its current trade surplus its worst recession in ten years, Sw&gfi. 

world's third largest tea im- weighing down the quality end with Sri Lanka — a large trade in the wake of lower oil re- rfn- a rf£. 3459.50 (£170.744) 

porting country, after the UK of the market, a sustained re- deficit with Kenya was the offl- venues, traditionally the main Afrn-n fix «4«a50 (£S76JM6) 

and the US. covery at the Colombo and dal reason for the latest im- export The balance of pay- 

The move follows Karachi's Jakarta auctions could erode the port restrictions. t , ments is under mcreased stra-a som and platinum co/ns 

recent decision to suspend im- traditional price differential Furthermore, as members of —dent servicing payments alone Am Eagle., 
nnrt liranrpt with th* inten- between the twn srrades. thp Asian Monetary Union SCCOUnt for up to 40 per Cent Of Moplvlaaf 


K.« («.m P» ». upo s£ so (SB). - SOYABEAN MEAL PmJPAm'SLKS'mSI 

GOLD GRAINS t-ffisssTisSsS 

Gold was little ehangod on Hie Old crop when remained in e narrow changed In light volume, reports * J. rBfln ! nB J ln “ B a,olin ‘- 

London bullion market yesterday, fail- ra«8o throughout the day with etrangth Mvfrpace. Petrolaom Ar^ia. London. 

Ing S*i to $461-461^. Then* were no M *y rather than July. Frlngo shipper -- * ‘ 1 ■ 

fwah factors to influence the market, buying wee a noted feature. Old crop [Ynaturd’yaj + od Businooa 1 I IChana 

Gold opened at S45B>p459 end was fixed barlay again attached on nervous ahort- oloea — done 1 I Latest |+ or- 

at S459S in the morning and S4OTi in covering. New crops attracted a good T7 „■ 1 JL .. . . . .■ — - 

the afternoon. It touched a peak of * ob falatod trade on wheat but barley. A CRUDE OIL-— [8 per barrel)— June 

M61W611I and ■ low of S458>»-46«(. a , 9 " ( n eased on ehlppar long llqulda. • • Arab Ugbt 1.„| _ 1 _ 

— don. reports T. G. Roddick. IVSSiT"*" - + S'5S “ Areto Heavy l.,.j _ _ 


. [Yeofwfy'e 
Mntb oloeo 


■ or JYeat J rdy‘« l +or 
— cloaa I — 


GOLD AND PLATINUM COINS 


May-.) 120 . B8 1+0.16)106. 50 1 + 1 . Be 


recent decision to suspend im- traditional price differential 
port licences, with the inten- between the two grades. 


the Asian Monetary Union 


1AI1 L mui uic iiuom- utrunveu ujg lhv UJG — “ . . “ ! 7, * — Kr'a'r'nH fl morr 

lion of reducing purchases Sir Lanka, the country (AMU) Pakistan could settle export earnings-— and the Gov- 4 Jjrug.." B2*o-a« 

from Kenya of high quality affected mast directly by with Si Lanka without using eminent is making peat efforts u Krua. ... «X£iii 

CTC (cut, tear and cure) Kenya’s success, is now poised scarce foreign exchange. to encourage non-oU exports- 

teas, the types mainly used in to win the bulk of the extra increased demand in Colombo ^ . Indonesia is^the world 8_ fourth m*w bw.. sios-ioa 

tea bags. Pakistan orders. Its teas, both could see upward pressure on 


to encourage non-oil exports. 
Indonesia is the world’s fourth 



JM COINS July _ 132w40 - 0.1 ft _ 

■■■— - - Sep.— 101.75 +0.SBI 98.60 

(£983 U-2S6 1.) Nov.- 103.86 -OJS 101.00 
(£86134-18434) Jan. ... 106.50 -O.lff 103.40 
(£9771.-979 m Mar... 108.05 L-aOS 106.86 
(£14318-14414) May — ' 111.66 1—0.1^ 107.55 
(£7134-791*) ■ — — 


August mj-iaj +QJ8 — 

Ocjfotocr — 123.0.1*4 'J +O4N1S3.0 

Doc.. — 124.0-1 263 -Ojffl — 

Fob IZ7J-12BJ — 118.9 

April m J-1» J r-O.731 — 

Jem*: — ..... 1 27 j- 128,0 I — 1 jnj — 

Soles: 76 (189) Iota of 20 tonne*. 

SUGAR 


\ I Latent H-or- 

Cftuox OIL— FOT (8 pour barrel)— Juno 

Arab Ugbt 1— _ _ 

Arab Heavy— ..1... _ 

*^7^18.80 +oTic] 

Ural* (olf NWEL.X — _ - 

I 

PROD UCTS— North Vest Europe 
Prompt delivery olf 9 par tonne) 

SS9 if 


(£981-983 »*) 
r£87l4-30q; 
(£841# -661,) 


-0.16 OUUHn rrpuuum gaaolln*... 209-206) +9 

LONDON DAILY PRICE— Raw sugar 11^113 + L 

- l£ia70 °>- ft*". 1 »■« (•'oL. ! 173-176 +1 

030) a tonne for May/June dolivoiy. I' T" " 


SILVER 


tea bags- Pakistan orders. Ibs teas, both could see upward pressure on snorter of black teas, I^jobie 

This has opened the door for the *' uva ” and the “ dimbula ” prices, forcing buyers like the but like many producers it is ■ E^^ ssoo-sao 

producers like Indonesia, Sri crops, command a premium US and Australia, and some short on quality - the resitit SS22 L5gSS2 JSSsSs^S 

Lanka and Bangladesh, which over Indonesian strains, but Middle Eastern countries, to of overpicking in the 1984 107.SS. Sales: 76 lata m iOQ tcnn»i? y 

sell mostly the lower-priced freight charges from Colombo look more to Jakarta for tea im- season, when prices of 300 lqkoon grains— wheat: us Hard 

"orthodox” teas. are cheaper than for the long ports. Traders say this may be pence per kilo were reached SILVER is^^r cmc June 97 .^, July 

Competition is likely to be haul from Jakarta. Sri Lanka is further underlined if Pakistan after tadia s temporary ban on "Sr !Snf 87.28. Lw!* K 

fierce, with world markets short also reportedly sweetening Its decides to setae through the loiSiMor roSfvore 3 ^ th* Londm 9B B0 - Fnnetl cmro Cuy 

of quality teas and prices offer with a counter-trade pro- AMU, which would tend to in- Jakarta prices ^today _ are buWDn ntr |, n yMwrosy n S2i.«p. .t*® 11 ' f°. h: **** ias.oo- 

depressed by a glut of low and posal — something Indonesian Hate dollar equivalent prices. around izop — sustained by us cant squivaianm of ro« fixing invsi* 2*.® 0 J *?v 12430 oiler, 

medium types HowGvsr a sis* officials ssiri last, woolc thw Anv increase in tea eamiDHS. demand from Egypt And, more wart: spot bcq. 5c p up o.Sc; thiM-month i» ^oci/py ioa.75- 

nifleant switt* by Pakistani could not match. either through higher tonnages P £S,^hs^e f0 a S 4 '^:: Jan/M» ojoT; .^B talrSf'us 

buyers away from quality tea Pakistan, keen to maintain or improved prices, would oe oumaumi teas, wmen nave a 0 1e- -p,. mam 0 gen B d at B20-S23p 3 v»y aw/ French, trautripmsni East 


Busiimhs dons — Wbaat: May 120-86- Whit* sugar $181.00. down 53.50, 
20.80. July 122.65-2.45, Sspt 101 .78- Tat* and Lvia do) ivory prie* tar 
1.70. Nov 10S.90-3.T5. Jan 106.55-6.50, granulated boat* sugar wag £21130 ■ 


March 10035. May 111.55. Salsa: 238 H* 1 ™ tar export, 
lots of TOO tonnes. Bortay: May 106.76- International Sugar Agreanteuli (US 
fl-00. S*pt 96-65-8.60, Nov 101 .ID-1 .05. “"*• P»r pound fob and stowed Carlb- 

Jan 100.50, March 105J6-0eS, May b*«n porta). Prtcaa tar May 12: Qllly 
107.55. Salas: 78 Iota of 100 tonnes. Pria*6.86 (5 .92); 15-day avareg* 8.71 
LOfflDON GRAINS— WhMt: US Hard <8-»>. . 

Winter, 1S>» par cent Juna 97.73, July — ■ 

88.00, Aug 9730. US No 2 Soft Rad ^ . L_ „ , „ I __ 1 

__ VWntar. June 87.28. July 94.75. Aug Fravtoua Buolnaa* 


exports. silver was find OJSp an oonea 1 »-75. Aug 

Jakarta prices todav are ,ow,r <or ■ po * d,livef y in **>* London ^I'T 1 ? J 3 ® r , 

jasftra prices locay are buMtan m at ket yoaterday at S2iJ8p. BtgUaA ta«d, fah-. May 122.00- 

around 120p — sustained by us cant equivalents^ the fixing levste I 34,00 12*^0 asllsr. . 

demand from Egypt and, more were: spot sesje, upo.se; three-month ®2P* losjze-ioj.oa. pct/D*c 100.75- 
rflfwitlv Tno. aartimlflrtv fnr 884.96c. up 0.3c: alx-month 900.10c. 10V-0 0. buyer/aa|}sra. Nov 107.00 sellar. 


(860-671 c) 
(875-aaoc). 


SILVER Bullion 
per Fixing 
troy oz Price 


matal opened at B20-523p 3 VeFow/Franch. tranehipmani Eaat Deo 

and closed at 524-S27p CBaat: May 148.00. Bailey: EngKah Mat 
feed, lob: May IIOJS-III.OO buyer/ • •**» 

■ ■ saflara Scottish. 112.00 English, Jun* . 

I T11.00-112J0. July 23/Aug IQ 99.00- 

ulUon +-ori L.M.E. +or 100.00 huyer/s*IIir», Aug 10CLOQ, Sapt ”7! 

5Sl!!? " ” 10Z - M - ° ct/D * c XOfS-OQ. Jan/March “ 

hrlc* Unoffic'l 109. BO oallera. P/ 


medium types However a sis* officials caiii last, wrolc thw Anv increase in tee enmities* demflnd from Esypt And, more *ni*i spot up o. 6 c; thiM-month ii ^Qci/Dbc iofi. 7 S« 

nifleant switch by Pakistani could not match. either through higher tonnages p ^^u«e f0 a ^^: U Snd 0 «^ 5 ^ m ^A^'o 25 i’ J« n/M* r^ e Vi OJO^b 

buyers away from quality tea Pakistan, keen to maintain or improved prices, would oe oumairan teas, wuen nave a 0 .ie. nia mani opened at sao-szsp 3 y^w/ F rench, tranahipmant Em 

better leaf appearance than (Be»071c) and closed at 524-S27n Coait May 1 48.00. Barfoy: EncUah 
w Javan strains. (875-s80cj. **«/. ioi»: ^M»y iiojs- 111.00 buyer/ 

India keen to increase production u r™ ^ ^ u., 

* while still below the £ 226 m of *^?*L 5 h!|? ~ I ...ML,, “ 102 . 80 . Oct/D«c lOS.OO. Jan /March 

by p. C MAHANTI in CALCUTTA 1984 , should be up on the 885 m 1 D SS^*Il! r V ocallon . l , tM , 

received last year for 90.000 . sai.-ws? -c.r! aaajOs i-ba **”"» .■!w < 

INDIA’S T^iQdustxy has been ment was adjourned in a few corporate sector generally. tonnes of export tea. ISSISJ’msIooS 5*1 ns f; 0p h 6,5 th« UK^nwS^oSfwSrt ijf’i* 

s .5 i iw?2f l 1 ? 1 ?- .???*? time ' he ttW toe ®eet* in 1986/87 Indian tea exports with consumers turning to is^Sa’SeiJSKS - | - *“L_ b J^i nn i^ B ...^. ndBSr , “"v 18 *» 

tance in its effort to increase mg tQ oos m kss from 222m in tea bags, the Government is ■ _ ■ ■ ■ ■■ - “peered tn b* unchanged. 

production. The Government was pre- logg/gfi after a short crop of ffoing ahead with production of Thr# ® monrhl fin#l k#rt> 63&JSOp - onTATOPC 

Mr P S. Das Munshi. the pai i? t0 4 ex ! end 620 nj kgs. Favourable weather CTC tea. Initial annual oz L« 6 — Tumoven 8 ( 2 ) im* of 10.000 POTATOES 

™ SSSPJ “will ^“nt^^rtoTbJ mu^ ^““'o J™- ‘ 

Association of India that the an^’^Mctaf^Sti^ti^ 50 ^ ^ de P ends 011 the Perform- sChe “^ s f “ r RUBBER «er tha laaftoa^S. tS mS*ii 

Government was keen to enKii/e a ? a nn^ciai insutuuoiLS had of the monsoon in the smal lh olders, and a plan to puvrmaio tk« „ wndara mad* on tha May paupan 

«« ojsr^ "wars Erusir 1 “ 


fo $£¥"' p £22 u * 

«*»•• 1 (non I aon* 


8 par tonna 


1B4J-1B5.fll ISsi+lBEJ! 1B8J)-lSj 
l87.2.iM.i| iaa.e-iBT.aj igaj ^ 


' f'rtro'suw Argu aatlmates 

.1 • Jun>, 

gasoil FUTURES 

M ) Yaatrdy^ jf- or J BualnoM 
“""V cloa a — Dona 

1 US8 

1 Par tonna j 

Juna.....!- 165 J6 +oh 157Jrfl.5B.00 

*no"“T JSS'2S + -^® M7JD0.64.7B 

APB V> 150.00 + 0 S 0 IB7.TBJBJ0 

oStl' { ?S2-55 

ucx— ^ 169 JO +S .00 — 


iifKsg sr^ns m.iiTi.6 Jsr\*” iot * 01 100 


]7B.a-17a.4j 17BJ-176JK 176 J, 17*4 
175.tt-189.rfl 177.B-17B.4I 175 fl-178 J 
tM.0-iai.4l T7B.5-1M.jJ _ 


HEAV) FUEL OIL 


3 month*. 
6 month*. 


aaaLOp 1 -ba 
BS3.0p (-B.6 


Salu: 1 JOB (4JB7) lota of SO tonna*. 
FAR>S--(FFr par tonna): Aug 1141- Mot1th 


With consumers turning to I u monti»l56iJOpM;o6j — | — 


Threa moniha final kerb G3&40p. 
LME— Turnover 8 (2) Iota of 10.000 


RUBBER 


HGCA — Lacationtl •x-fimi spot Oct 1170-1178^ Doc 1 180-1200, 

pricaa Food barter N East 108.10, M,jr AUfl 

Tha UK monttfliy coafficiant lor tha 1286-1300, "* 

wufc bsglnnlng Monday May 10 Is 
mpoend to b* unchanged. MEAT 

POTATOES MEAT COMMISSION— Av+rego frt . 


The mariert tradad qul.dy in * „ alI ow SlS^^wEJS^T^ 
rang* and M thin volume. April held- QB^ShSo 

steady cftapite aoroa heavy rainfall (+13J6 ) , P to a« dirw 

a? art's ar sm Ifff ®*a * £ 

1 " a - — ■ c °"r uKSjSiaaap-^ 


ij! uri.L .1 oponw Higmty inwn, was very and u anM . - — ' , run 

quantity. With the dry season quiet throughout the day and cloud " irp *l Uw a 

Underway, Slower growth ratfis Ji" s V uin - Lewi* and Peat. ivaatarday*/ PhwI~.« 

should see the best Indonesian 2??5S?i- pf SSJH 61 ^ MSiSii " o»>— chare OIL 

teas on the market by early I KS P Ln J p U i lf , £ P ftr tonna 


June.. JOsi ■ + * -J _ 
July..., iqsT > 08.00 

Tumo var: 4 B) ‘let* q( iqq tonnu. 

IndonesTto 

lobby M higher 
coffee qiita 

Y ^ for a 

535* at the 


■paired Ifc up on fiy^Tnd CSteS^iSorte^ 









. ’’V 


c ft 


si*. t»: 
r; 


“X V 


■ <1 ,y * 

■ ~ c. 


1 S; 

t; 


* . • 

■ I 


f.l'l 



Financial Times Thursday May 14 1987 

CURRENCIES, MONEY& CAPITAL MARKETS 


FOREIGN EXCHANGES 


Dollar and pound firm 


THE DOLLAR- rose slightly is 
expectation of A narrowing of the 
US trade deficit today, but trading 
was quiet- 

Another large US trade' deficit 
has been forecast for March, butit 
is expected to be lower than the 
February deficit of $13-Ibn, prob- 
ably in the region of fttbn to 
S14bo. *. 

There was little reaction to • 
news that Japan's trade surplus • 
fell to {7J57bn In April from 
58-OGbn, while the ratios with 
the. US rose to a. record fS.15bn. 

Dealers were suspicious the US 
trade deficit may be worse than 
expected . alter the Japanese' 
Finance Ministry asked financial 
institutions in Tokyo to moderate 
speculation against the dollar, it 
was also suggested that the com- 
ment- by Mr James Baker, ITS 
Treasury Secretary, that the Fede- 
ral Reserve's credit policy is 
adequate, . implied the US 
Administration does not want to 
see higher interest rates if the 
■trade figures disappoint 

The dollar rose to DM 1.7900 
from DM L7880; to SFr L4710 from 
SFr 1-467 0 ; and to Y139.70 Cram 
Y139.50, but eased to FFr 5.9700 . 
{from FFr 5.975a On Bank of Eng- 
land figures the dollar's index 1 
r ose to 100.4 from ZOOlL 
~ STEELING — Trading . range 

again! the dollar in 1987 is L888S 
to Z.4710. April average L631S. 
Exchange rale index rose U to 
7U, co m pared with 6&2 six 
month* ago. 

Sterling gained ground as 
nervousness about the June UK 
general election tended to fade. 
The -pound is likely to remain 
volatile on public opinion polls in 
the mo np to the election, and 
although underlying sentiment 


was good the Bank of England was 
expected to prevent any rise in 
sterling's value above DM 3.00. 

The pound gained 15 points to 
91.6710-1.6720. while climbing to 
DM £9925 from DM £9850; to 
FFr9.98 from FFr £9775; to 


SFr £46 from SFr £45; 

Y233.5G from YZ33.Q0. 

D-MARK—' Trading range 

against the dollar In 1987 is L9305 
to 1.7890. April avenge L8112. 
'■Exchange rate index 147 J against 
■ 14U six months ago. 

The dollar rose against the D- 
Mark in Frankfort, but. trading 
was quiet, ahead of today’s US 
trade figures. The dollar dosed at 
DM L7940, compared with 
DM 1.7870, as the market shrugged 
off news that US retail sales rose 
only 0.1 per cent on April, com- 
pared with a revised 0.8 per cent 
in . March. It was suggested the 
dollar would surge through a 
technical resistance point of 
Ml 1-8020 today If the March US 
trade figures show an improve- 
ment 

Earlier in the "day the Bundes- 
bank did not intervene when the 
dollar was fixed at DM 1.7959, 
compared with DM L7888 on 
Tuesday. . . 

Sterling improved as investors 
built up long positions ahead of 
the UK general election, bnt deal- 


and to - £9780. 


era said this was likely to be 
reversed after the election, and 
that Rank of England intervention 
would . probably prevent the 
pound moving through DM 8.00. 
Sterling closed at DU £9920 in 
Frankfurt, compared with DM 


JAPANESE TEN— Trading range 
against the dollar in 1987 Is 159.45 
to 138.35. April avenge 142M. 
Exchange rate index 2284 against 
207.7 six months ago. 

The dollar improved against the 
yen in subdued Tokyo trading. 
Dealers noted the Japanese 
Finance Ministry requested finan- 
cial institutions to moderate 
speculation against the dollar, but 
found notiiing new in the state- 
ment from the authorities. The US 
currency touched a high of 
V140.9O, on speculation the 
Finance Ministry might introduce 
measures to limit market specula- 
tion, but fell back to close at 
Y 140-1 5. compared with Y13&50 
bn Tuesday. 

News that the Japanese trade 
surplus in April foil, bat the sur- 
plus with the US rose, came too 
late to influence the market, but 
dealers said the dollar was likely 
to come under renewed selling 
pressure today, unless there is an 
improvement in the US trade 
deficit for March 


EMS EUROPEAN CURRENCY UNIT RATES 



Ea 

central 

rates 

Currency 
amounts 
against Ecu 
May 13 

% change 
(nun 
central 
rate 

% change 
atikotod for 
divergence 

Divetgence 
ttratt % 

Belgian Franc — 
Drafeb Krone _____ 
German 0-M«rlt_ — 

Fradi Franc - - 

Dotcti Gnfetor 

Italian Lira 

424582 

7.85212 

235859 

6.90403 

230.943 

0.768411 

1483.58 

493927 

731679 

237785 

6.93695 

234116 

0.776984 

350034 

+1.49 

-0.45 

+0.94 

+048 
• +094 
+132 
+P14 

+0.79 

-US 

+024 

-022 

+0-24 

+042 

+097 

±13344 
±16404 
±13961 
± 13674 
±13012 
±16684 
±43752 


£ IN NEW YORK 


Change! era for Eon, therefore positive change denotes a weak currency. 
Afettstment catedaied by Financial Times. 


* a ' 

* 1 
N 


B5H 



£Swl 

BT’+r-anra^Ti 

BY 'iVi'^YTr ',te 


limwh — 

027-026 pm 

07fU176 « 


3nwMfe 

065-062. pm 

065-062 pm 


12M0rtl& — 

122-132 pra 

124-136 nw 


POUND SPOT— FORWARD AGAINST THE POUND 


Forward prMriM and 'tOscoams appb to the 
UA dollar. 


STERLING HOEX 



May 13 

Previous 

830 am .... 

73j4 

733 

'930 an 

733 

733 

1 1030 am 

734 

732 

1130 m 

733 

73-2 

Mom 

• 733 - 

732 

130 pan 

733 

73 3 

230 pm 

733 

732 

330 m 

733 

732 

430 pm 

733 

732 


Mfe 13 ■ 

OfeCs 

spread 

One 


H 

Three 

months 

% 

A*- 

OS 

1664006720 

16710-16720 

028025c pn 

1.90 

068663 pm 

137 

CMtfi 

22261-22375 

2236322375 

025035c pm 

167 

043-031 pm 

066 

NeiberiNife. 

33643712 

336b-337b 

IVVc pro 

336 

3V-2%P« 

364 

Brignim 

61926215 


14-7c pm 

-263 

31-20 pm 

-164 

Denmark 

U23VU2812. 

U27i2-U2B> 2 

1V-Z ora dh 

— L73 

4*H*kdb 

-160 

Ireland 

U145-U210 

LU85-LU95 

033-022 p db 

-188 

028-033 db 

-145 

W. Genroy ■ 

2.W«-2.99* 

298V2-99S* 

lV-lbPf pm 

526 

4-3V.pm 

538 

Portugal 

231.45233JB 

23265-232.95 

94-16Sc«s 

-668 

336-428 <0% 

-637 

Spain 

20921-21067 

209.7521065 

154240c ife 

_n 

424-534 <fis 

-933 

IMf 

2157^-21654 

2163b- 2164V 

par-2 Hie dh 

-035 

3-7 <fls 

-0.92 

Nareay 

1130b- 1136^ 

1135V- 11-16V 

4^*tnA 

-661 

16-16V «Hs 

-63b 

France , 

9.9SV9.99b 

9.97b-9-9Bb 

Veepm 

068 

1W P*n 

030 

Sweden 

U.43b-ltM8b 

1067*2-104812 

>rtt|B 

~Cl<S3 

22b ife 

—068 

Japan 

232*1-234 

233-234 

lMypm 

534 

3*82% pm 

534 

Austria 

2160-2168 

2165-2168 

8b-7b gro pan 

436 

24*rZlV pm 

436 


2.45-2 46b 

245b-246b 

1V-1 c pm 

349 

3V-3pm 

560 


CURRENCY RATES 


Belgian rate h lor convertible francs. Financial franc 623D62A0. Six-month (onward dollar 160- 
0.95 c pm. 12 -month 125-135 pm. 


MfeJ3 


hm 

Eropeaa 

Cmreny 

IM 

StarihH 


wtirwm 

0694227 

UJL Dollar 3- 

S3 

13027 

135693 

CandtanS 

7.90 

* 

134878 


4 

N/A . 

146120 


B 


436927 


7 


761679 


10 

23395 - 

267785 

NefeGoWcr- 

4b 

WA . 

234116 

French Fnmc.. 


76103 

6-99695 

.kaawLba.. 

115 

WA 

150034 

'Japanese Yen . 

2b 


162239 

Norwar Krone. 

8 


721845 

SpmMPHCfe 


m n 

145684 

StRdUKrwM, 

7*i 


.725684 

SmlssFrtnc. a. 

33? 


120936- 

Creek DradL- 

20 b 

n - , 

154635 

trhH Pax 



0.776984 . 


DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 


«cyspa r ow hr MW 12 = UW6 

CURRENCY MOVEMENTS 


Mfe 13 

Dfe*a , 
spread 

Ckue 

One raortti 

B 

Three 

mmtia 

% 

M- 

UKt- 

Irefandf __ 

Canada 

Nedmriands 
BakAon ~~~ 

16640-16720 
1.4872-1. 4945 
13360-13397 
26155-20270 
3730-3730 
672b43Sb 
128853.7975 

138VJ39b 

U5u45.t25.96 

16710-16720 

16935-16945 

15385-13395 

26160-26170 

37303720 

028-025c pm 
067-0L62C pm 
06M22ctis 
031 -027c pm 
2pm*l c tfc 

L90 

539 

-085 

*-72 

-036 

068663 pm 
165-130 pm 
0294132 db 
165il60pn 
3pm-2 db 

137 

369 

-0.91 

263 

065 

W. Germany 

Portapai 

Spato 

12895-1.7905 

138V139 

1252-12565 

Q52-069pf pn 
85315c dk 
100200c db 

337 

-661 

-1431 

163-138pm 
260310 dk 
300-400 Ms 

338 

838 

—1133 

NotYoy— ^ 

666V668 

1^71^8 

4UXM30of«dls 

-7A7 

lZ.40-Z2L70db 

—7-53 

-Swedfii , 

- 625V627b 

.^6Z6V627V 

^3965-139.75 

1261V3261V 

16705-16715 

U25-135ore fis 

—2.49 

3M4J0db 

-255 

Anaita— __ 
SmkHriaMJ 

126EPb0263b 

L4690.16780 

320260^ pn 
0.49664c fto 

265 

328 

925-8.75 pm 
133-128 pm 

Z93 

333 


t UK and Ireland ace quoted In US tamofe-' Forward premiums Mi dkteouas apply to the US doR* Minot 
to toe MvMni currency. Brigsm rato is hr cooamtiMa francs. Financial Iraae 373037.40. 


.■'iMrXJ. 

Bank at 
JEfeM 
Index . 

M «wa 

Cndranly 

CfcngMK 

Scerfiog 

733 

• . —13.9 

U 3. Dollar 

. 1006 

-67 


76.9 

—113 

Airotan Sdritfaig — 

1386 

+102. 

BetoUn Franc _ 


-43 

Oanhh KtMTm— 

936 

+1A 

OectKto 1 Mark _ 

1476 

- +216 

Swto Fraac 

1746 

+236 - 


I’rt'* 

+143' 

French Franc 

716 

-12.9 


473 

-182 



+692 


EURO-CURRENCY INTEREST RATES 


Morgan Gnaranty changes: 
1982 — 100 . Saak of Cn rthnd Mm 
1975-1001. 


avenge ifso-' 


Mfe 13 

Sfen 

term 

7 Dfetf 
notice 

One 

Maun 

Tkree 

MohUh 

Sx 

Uortfe 

One 

Yaw 

Starting 

8VM, 

BH-8H 

8V8b 

8ft-8E 

8S-8S 

BU-aa 

U 3. Dollar 

6b6b 

6ft-6tt 

6ft-6a 

71a#& 

7ft-74 

7V7b 

Can. Dollar 

6Wb 

6b-7b 

7b-7b 

7V8 

BA6A 

8b6b 

^CnHder — 

4R-56 

4U-5A 

5J.-5* 

5A-5A 

5j.-sa 

5 

Sar. Franc—— 

1W 

lb-lb 

3*r3V 

3V-3b 

3b-3b 

3V» 

Deatsttvnarfc _ 

3i-3ft 

3A-3B 

3&-3U 

3ft-3ft 

3*r3V 

3WI 

Fr. Franc . 

8«b 

8Sb 

8i-8ft 

8A-8A 

8A-8i 

8*r8b 

fasten Ura 

941 

9b-10b 

9V10V 

9V10V 

9%-lOV 

W/.-10b 

’ftFr.CFfcU — 

63-611 

7-7b 

7.W4 

7b- 7V 

7¥7b 

7A-7b 

B. Fr. tCanJ __ 

6£-7 

6%-7b 

6V7A 

7-7V 

74-7A 

7ft-7b . 

Yen 

3A-3b 

3V3b 

3U-3b 

3V3B 

3V^tt 

3V -3H » 

D. Krone 

9V1QV 

10-10b 

10-11*2 

9V10b 

9V1IP, 

KRrlDV 

1 '1 

5Wb 

WA 

4V-4b 

4V-4b 

4V-«b 

4b6b 


fcTEi 

Tl~ mi 

s 

AipMUna- 
JwtraDa — 

2694026455 

233W23465 

13800-13860 

L403006040 

296120-29.9610 


72640-72755 

4360043620 

Greece — 
HnngKpng — 
Iran— — 
Koran (Stn) . 
Kuwait— - 

twendwev 
IWferin — 

Mexico - 

N. Zealand _ 
Saadi Ar.— 
Shflapore — - 

22025424.70 

13JD06M361BD 

11730* 

137960-1392JU) 

06515-06525 

62656215 

41195-4J295 

202325-2044.99 

2689026965 

13255-13460 

76035-76045 

7060* 

8272063430 

0271004127120 

3720-3720 

26710-2.4730 

WUflMWMH 

12325-1.7355 

3J493-3J50S 

pai 


S-ALLfni 

L‘vv| 

ILAE. 




Long-term Eurodollars: Two years 8V-8b per cant; three years 8*j-8b per cent; four yean 8V4 
per cant; Iha yean 8V*b per can* nominal. Short-term rates are call for US Doflara and Japanese 
Yon; others, wo days’ notice. 

EXCHANGE CROSS RATES 



■a 

MM 

Bl 




na 

E3 

m 

B Fr. 

£ 

pa 

1672 

2.993 

! 2235 i 



3370 

2264. 

2 231 

f7.IB 

$ 

ItTI 

L 

1290 

| 1392 | 

JjiXLjl 


2612 

1295. 

1338 

3745 


0334 

0559 

L 

n 

3335 

0622 

VIM 


ea 

20.75 

YEN 

4283 

7J58 

1262 


42.74 

1054 

14.43 



2666 

F Fr. 

1602 

1675 

2.996 

2346 

10- 

2465 

3377 

pn 

ESS 

6222 

S Fe. 

0407 

0679 

1931. 

94.92 

4657 

L 

1370 

LJ 


2524 

"H FL. 

0297 

04% 



2.961 

0.730 

L 


0664 

1843 

Lira 

0462 

0773 

ksiJ 

1 1'/A'l 

4612 

1237 

1357 

ILJ 

1634 

28.70 

C 8 


Esa 


FTTl 

R3 

PI 

1506 

pn 

na 

2726 

8 Fr. 


E Sa 


ijiti 



5627 

ITTI 


100 


Yen pee 1,000: French Fr per 10: Lira per 1000: Belgian Fr per 100. 


FINANCIAL FUTURES 


Nervous trading 


TRADING WAS a little confused 
and nervous in the London Inter- 
nationa] Financial Futures 

Exchange yesterday. Sterling 

based Instruments opened on a 
slightly firmer note, belped by a 
firmer pound. Gilt prices opened 
firmer after the auction of short 
dated gilt stocks but the results 
were seen as something of a 
disappointment and the absence 
of a good response together with a 
lack of any retail buying left the 
June contract at 127-03 at the 
close, down from 127-25 at the 
day's high and compared with 127- 
11 at the opening and 127-13 on 
Tuesday night 


Three-month sterling deposits 
opened at 91.40 for June delivery 
and traded within a narrow five 
tick range, touching a high of 9142 
and a low of 8L37. The narrow 
movement reflected caution 
ahead of the general election. 
Many traders were convinced that 
the authorities were anxious to 
keep something in reserve ahead 
of the election. Consequently the 
June price closed at 9127, the 
day’s low and unchanged from 
Tuesday. 

■ Dollar based futures contracts 
tended to drift from opening 
levels, having started the day up 
from Tuesday’s close. With the 


dollar showing only a steadier 
trend. US contracts found dif- 
ficulty finding a support level and 
although the June US Treasury 
bond actually finished up from 
Friday's close of 90-11 at 90-30, it 
was sharply weaker in compari- 
son with the opening level of 91-12 
Much of the market's attention 
was focused on today's release of 
US trade figures. These are 
expected to show some improve- 
ment over the previous month. 
Whatever the figure, there 
seemed to be a growing reluct- 
ance to posh the dollar lower for 
fear of pushing US interest rates 
firmer. 


IM LANG GILT FUTUtCS ITT IMS 


Strife 

Cafe-Lam 

Pro— Last 


Price 

Jdk 

Sene 

Jmw 

Sept 


120 

766 

748 

060 

032 


122 

546 

618 

060 

L2Z 

86 

124 

369 

460 

003 

260 

88 

12b 

128 

330 

032 

234 


128 

D 23 

266 

3-17 

330 

92 

130 

064 

260 

262 

564 


132 

062 

126 

460 

630 


134 

061 

061 

639 

861 

98 

Estimated vofasne tool, cafe 1651 Pro 

1408 

Esboaud 


Cafe— Last 
June Sent 

660 bJ3 

.440 533 

3-00 4.15 

ua 3-u 

0-16 2.19 

0-01 139 

aco los 

0.00 0.47 


030 

060 

004 

032 

1-20 

LOS 

504 

7.04 


SM 

839 

129 

201 

3-07 

405 

535 

702 

B.43 


ft til w fey's open ml- Cafe 1,152 Pots 197ft 


UFFE FT-SE 100 INDEX FUTURES OPTIONS 
Strike Cafe -Uu Pro-Last 

Price Mar Jmw Mar Jaw 

20250 Uh41 1705 0.01 0.75 

20500 13.95 1561 0.05 U1 

20750 U32 12.98 0.12 106 

21000 9.20 11.08 030 208 

21250 7JJ3 933 063 2.93 

21500 501 7.76 1 21 336 

21750 150 635 200 4.95 

22000 224 522 334 632 

Estimated volume total. Cafe 5 Pro 20 
Previous day’s open mu Calls 241 Pro 300 


UFFE £JS OPTIWIS 

£2SJM0 (cants par £1) 


LONDON SE CIS OPTIONS 
02300 (cents per O) 


Strike 


Cafe— ion 












f'-il.-'J 



F j».v| 

■•■•'•a 

I.T.'.g 


■ *pr | 

(a J 





[iT/-l 

|.Ve 


■ 'PVJ 

\ NL'-l 






fj.Vfl 

1‘^lI 

B « fv 

1 * 

■ 

k<.] 

mJ>' 1 


|«T| '1 


l»f ,‘r J 

m ■ — 1 

|v J _| 







1 *i<l 




|.r\] 


>il 







H'i 

I'ft.i 





P> v. ,J 


Estimated volume total. Cafe 6 Pats 0 
Previous day’s open Int, Calls t441 Pats L826 


Strife Calls— Last 

Price May June July 
135 — 13.90 — 

L40 27.90 1730 — 

L45 12.90 12.90 — 

130 15.40 15.40 15.40 
135 ILK) 1L80 1160 
160 660 660 725 

L65 L95 230 335 

170 030 a95 130 

Previous day's open Mi Cafe 349 
Volume: 1 


SepL May 

13.90 - 

17.70 030 

12.70 060 
15.40 030 

11.90 030 

730 030 
465 030 

260 365 

Puts 1,423 


Pro— Last 
June July 
030 - 

045 — 

030 — 

0.25 025 

020 035 

0.40 0.90 
135 £40 

450 530 


Sent 

LuO 

1-05 

150 

0J50 

035 

L90 

360 

665 


PffllAMLPHIA 5E £15 OPTIONS 
O2J08 (seats per £1) 


UFFE— CUM DOLLAR OPTIONS 
Un paints of 180% 


Price 

Mfe 

June 

Mt 

SCOL 

Mfe 

June 

Mt 

SepL 



1 J 1 ! 7 

1600 

630 

630 

630 

730 


ms 

060 

160 

Price 




1625 

360 

420 

460 

560 


060 

165 

230 

9260 

062 

0.41 

0.45 

1650 

160 

260 

320 

465 

— 

165 

160 

340 

9125 

039 

028 

034 

1675 

025 

125 

260 

230 


260 

360 

a in 

9230 

029 

028 

0 74 

1200 

— 

060 

125 

160 

360 

3.90 

4.70 

760 

92.75 

068 

021 

027 

L72S 

— 

025 

060 

120 

535 

660 

660 

960 

9360 

06? 

066 

021 

1230 

— 

020 

035 

025 

865 

n to 

860 

1120 

93-25 

060 

063 

0.07 

Previous day's now mt: Cals 81669 Pro 70205 




9330 

060 

061 

064 


Prmrisesdfe'smhaac, Calls 7316 Pro 2389 


Previous day's open Mi Cafe 1,140. Pro 
Estimated volume. Cafe 281. Pro 231 


June 

030 

032 

037 
0-21 
0.40 
063 

038 
990 


Pro— Ua 
Sen. Dee. 
030 059 

0.42 0.73 

057 038 

0.75 136 

0.95 125 
L17 L46 

L40 168 


Mm-. 


LONDON 




20- YEA* 12% NOTIONAL GUT 
£S03M 32nds af 100% 


UJL TREASURY BONDS (GNT) 8% 
of 100% 


Close Hisps Lo« Pie*. 
June 127-03 127-25 127-02 127-13 

SepL 126-30 127-17 127-01 127-09 

Dee. 22639 — — 226-30 

Estimated totame 30380 (4Q394) 

Pretfaus day's open fan. 31082 (310351 


10% NOTIONAL SHORT GILT 
080300 640m af 100% 


Close High 
Jane — — 

Estimated Vtotome 0 fl» 
Previous life's open to. 0 RS 


Pm. 


Jmw 

1 afwq 

91-06 

Hi* 

91-25 

Low 

91-00 

Prev. 

90-03 

SepL 

90-06 

90-25 

90-01 

90-03 

Dec. 

aw w 

8925 

8*0 5 

8*06 

Mar. 

6B-12 

88-21 

88-12 

88-10 

June 

*7-20 

87-28 

87-20 

87-17 

Sept 

— 

— 

— 

8626 

Dec. 

— . 

— 

_ 

8604 

Mar. 

— 

— 

— 

85-16 

June 

— 

— 

— 

— 

Sept 

— 

— 


84-14 

Dec. 

— 

— 

— 

83-31 


UJL TREASURY BILLS (HIM) 
Site points af 180% 


THREE-MONTH STERLING 
£500300 points of 130% 


Oust 

HKrfa 

Low 

Prev. 

9137 

9L4Z 

9137 

9137 

9158 

9165 

9158 

9162 

9L4Q 

9L45 

9L40 

9142 

1/I‘M 

9128 

mJWim 

9L2fe 

9120 

9123 

9120 

9120 

90.95 

90.98 

90.95 

90.97 


June 
SepL 
Dee. 

Mar. 

Jtoe 

Set*. 

Estimated Vbfaane 4618 0.975) 

P m l uus day's open fad. 27,030 (26,906) 


Kto> Um 

June 9435 9432 9434 

SepL 9331 93-42 9331 

Dec. 9334 9314 9334 

Mar. 9239 92.95 9239 

Jun. 92.73 9231 92.73 

SepL 9259 9263 9259 

Dec. ’ 9245 9248 9244 

Mar. 9229 9233 9229 


Pte*. 

9436 

9335 

9339 

9292 

9275 

9260 

9245 

9230 


SWIGS FRANC (MM) 
SFr 125300 $ per SFr 


FT-SE 1M INDEX 
OS per foR Mate paint 


Latest High Low 
June 06806 06813 06789 

Sep. 06863 06870 06846 

Dec. 06920 06926 06904 

Mar. — — — 


Pies. 

06824 

06881 

06941 

06995 


Close High Low Pit*. 
Jtme 21090 22000 21855 21675 

SepL 22240 22280 22230 22030 

Estimated volume 706 U.163J 
Previous day's open fan. 4385 (4379) 


THREE-MONTH EURODOLLAR 
Sim potato of 100% 




Latest 

HI# 

Low 

Pre*. 

Jane 

0J159 

0.7161 

0-7146 

0.7172 

SfeL 

0.7224 

0.7226 

07209 

0.7236 

Dec. 

0.7290 

0.7290 

0.7285 

0.7306 

Mar. 

_ 



_ 

0.7360 

June 

— 

— 

— 

0.7458 




I’ 1 1 'rriTMa 




Latest 

High 

Lon 

Prev. 

June 

mvTTF - 1 


03583 

03597 

SepL 



03633 

03648 

Dec. 

03695 



03695 

I'TTTW 

Mar. 


— 

— 

05754 







Latest 

High 

Law 

Prat. 

June 

9261 

9266 

9261 

9261 

SapL 

9220 

9225 

9269 

9209 

Dec. 

9164 

9190 

4164 

9165 

Mar. 

9167 

9171 

9167 

9167 

June 

9131 

9154 

9151 

9130 

Sept 

9136 

9138 

9135 

9134 

Dec 

9121 

9122 

9119 

9118 

Mar. 

9165 

9166 

9102 

9102 

STANDARD A POORS 508 INDEX 


S500 timet Index 





Latest 

HKh 

Low 

Prat. 

June. 

29465 

295.45 

293.40 

294.45 

SepL 

29635 

297 JO 

29560 

29660 

Due 

29660 

29960 

29820 

29960 

Mar. 

— 

30160 

— 

300.95 


r 


West LB 


29 



Fixed Income and Equities Trading - 
for dealing prices call: 


Dflsseldorf WOstdeutsche Landcsbank, Haad Office. PO Box II 28 
4000 DuSsaWort 1. International Bond Trading and So l«; 
Telephone (211) S 26 31 22/8 26 37 41. Tele* 8 5B1 BB1/8 55) 882 


London 


WestdeutSChe landesbank, 41, Moorgaie. London GC2R 6AE/UK 
Telephone ( 1 ) 638 6141. Telex 887964 


Luxembourg We&tLB International 5. A,, 32-34. boulevard Grande- Duchesse 
Chftrlone. Luxembourg.Telephone (352) 447 41-43. Telex 1678 


Hong Kong Wsstdeutsche Lendesbank. BA Tower. 36th Floor. 12 Hprcoun 
Road. Hong Kong. Telephone 151 8 A 2 02 8B, Telex 75142 HX 


One of the leading Marketmakers West LB 

Westdeutsche Landesbank 



FUTURES 

& 

OPTIONS 
ON FUTURES 


GOU> & SILVER 
■ CURRENCIES 
FINANClALlNSnaJMEhrfS 
STOCK INDEXES 
Prompt. 


Execution Guaranteed 


*25 


ROUND 
TURN 

$ 1 5 for trades exceeding 2 SO 
contracts per calendar month. 


Call one of our professionals: 

212-221-7138 

Telex: 277065 


REPUBLIC CLEARING 
CORPORATION 

452 Flltb Avenue, NY. NY 10018 
An Affiliate of 

Republic National Bank 
of New York 

. A S17.7 Billion Commercial Bank . 


CLASSIFIED 

ADVERTISEMENT RATES 


Capo tom m o 

CuiHurtU «Kf 

fmfcatriif Pneerty 

fenamw Property 

Onnnfe 
Bintora tar 

Pmarul 

Motor Car*, Trod 
Contract* TtnOcn 
Boat Pope 


Prr 
fine 
rnua 
J imesJ 
t 

12S0 


Satflt 


12.00 

9J0 


4 1.00 

32.00 


1X00 


44110 


12-00 

V30 

12.00 


41.00 

32.00 

32.00 
4100 

22.00 
30.00 


Bl per Single Cotwwi cm ntra (MW 30 Cm*] 
Ml prices exclude V«T 


Far tanhrr arulu mrha UK 

DWtoHcd MrertBemeffl Manner 
FINANCIAL TIMES. ID CANNON STREET, 
LONDON EC4P4BY 





Union Discount 
Futures Limited 


Futures and Options 
Brokers on LiFFE 


.WCumhill. Londun. CC7Y3NL. 
Contact Nick Bollon i»n. 

01-623 1020 


Company Notice 


BAYER AK7IENGESELLSCHAFT 
The AnnuCd General Weeung cl 
Bayer A*iier»a«eliicriafi wtd ’c* 
heiaonr4in.iune lasrmCcHc^ne 
Payment c4 a Dividend o' fat 
the v ear «•&> will oe propciei 
CODNK of me Comccn\'S 
Annual Repi>n fat in German 
win De crvaihaiMe item - 

Hjmofoi ton; Limited, 
wiir Scmuei S Co. tirnied. 
kleinwert. Eervsan Lirrmea. 
I.G WQiDuig 6 Co Lid 
The lepori in English « m course 
Of orepa'aion 

United kingdom Snorenclders 
who wisi lo attend ana voiecd me 
Annual General Meet mg sh<>jia tv 
lam June. i?B7. rniorm SG. Wcttuig 
&Cc LtcL Paying Agencv.otti Floor. 
1 Finsbury Avenue, lonaon ECJW 
2PA wno will make me necessary 
arrangements cm meir behalf 
Under Section 125 of me Ger- 
man Campon ies Ad me Board of 
Management o only obbged to 
woviae information on proposals 
and nominations tnct may be 
made by shareholders if me parties 
concerned Drove men slanging cs 
shareholders in aood time 

BAYEI? AKTIENGESELLSCHAFT 
MthMoy. t9B7 


Wwen 

High 

Low 

Prat. 

9262 

9266 

9261 

9275 

9221 

9225 

9226 

9265 

9185 

9191 

9165 

4180 

9168 

9172 

9168 

9163 

9X31 

9155 

9135 

9147 

9135 



9131 

9119 

_ 



9125 

9163 

— 

— 

90.99 


3am 
StpL 
Dec. 

March 
June 
SepL 
Dec. 

Mar. 

Estimated volume 5346 Cl 0556) Previews day's 
opes U. 3Q343 09,495) 


iu. tmasury mas 8% 

S20M00 32ndi of 100% 


Prev. 

90-11 

89-15 



1 is. i >ml\ ■. 

Spot 1-mtiv. 3-iiTth. A-mtit 

16715 16689 16650 16616 

12 -rath. 
16394 


IMM— HTERjJWR fe per E 


time Wgb Low 
6m 16650 16650 16630 

SepL 16605 16610 16580 

Dec. 16590 16590 16550 

Mar. 16610 16610 — 


16650 

16605 

16580 

16580 


Ufr&-4TERLJHS E25JM0 S per E 


Owe High Low 

• 16658 16655 16635 

Sent 16605 — - 

Dec.. 1 ami) 

Estimated votonw 116 03) 

Pmfoos day's open tot 262 (266) 


Prev 

16579 
1 ftSftO 


MONEY MARKETS 


FT LONDON INTERBANK RXMG 


London rates show 
iitde change 


(lion un. Mfe 15) 3 months U6. dofen 

6 monte ILS- dollan 

bid 7£. | o Her 7ft 

bid 74 1 efta 74 


The tfadng rates are the arithmetic moans, rounded to the nearest one sfaeteenih, of tiie Ud and 
offered rates for SlOm quoted by the market to five reference banks at 1130 aro. each mrUBg day. 
The basks are National Westminster Bank, Bank of Tokyo, Deutsche Bank, Banque Rationale de 
Paris and Morgan Guaranty Trust. 

MONEY RATES 


NEW YORK 

(LmchtfaBB) 


Ww rue ■ 


INTEREST RATES remained 
stable in - the London market 
yesterday. Traders were reluctant: 
to continue the downward push on 
rates but there w«*ctifi «n overall 
bullish fbeL Sterling remained 
firm and although the prospects of 
an early cut In clearing bank base 
rates before the election seemed 
unlikely,' there was a general 
reluctance to push rates lower 
simply because -''many people in 
tiie market felt that the author- 
ities would try and ma int ai n a 
smooth passage In the ran up to 
next month's general election. 


in official hands together with a 
take up of Treasury bills draining 
£480m an a rise in the note 
circulation of £75m. These were 
partly oZ&et by Exchequer trans- 
actions which added £395m and 
hanks ’ balances brought forward 
£L 0 m above target 


Bmtarkanm. 
Fed. tad!. 


Fed tank M Intervention 


Owaatofe — 
Two rank — 
8 Thru mootfe . 
8 StXMMti _ 
6H fewr — 
6ft TWynr — 


Trsamor BCUs and Bonds 

■ ■» 530 ttoee y e ar ... 

M3 Far nor 

— — - 5J2 Flvesc» . 


639 Seven icv. 

731 ID year 

7J2 30 year 


7.98 

836 

8J2L 

8.45 

859 

8.77 


UK clearing hank hate 
nk rate 8 p 
Ann May 


The Bank of England gave no 
assistance in the morning but 
revised the forecast to a shortage 
of around £100m In the afternoon 
and gave help of £82m through 
outright purchases of £ 12 a of 
Treasury bills, and £S7m of eligi- 
ble bank bills in band 1 at ffVk per 
cent and £ 12 m of eligible bank 
bills in band 2 at 8% per cent 


Three-tnonth Interbank money 
was quoted at 85b-8K per cent, 
unchanged from Tuesday wMe 
overnight money opened at 
per cent and touched a high of A 
per cent before easing to 5 per 
cent 


Longer term rates tended to 
reflect a much flatter yield curve 
and although there was an overall 
fooling that the Conservatives 
would win the next election, there 
was some indecision as to how far 
clearing h*nk base rates would be 
allowed to foil. 


Mfe 13 

OwtfgM 

Ona 

Month 

Tw 

Uooris 

TSree 

MopMb 

Sx 

ilwmhc 

Lombard 

laairwilon 


335-365 

3.70660 

370-360 

370-360 

3.75-365 

56 

•rata- - 

7V« 

86*t 

*** 

8,'.-6A 

BA -8.'. 

7b 


%-l*t 


3VS-, 




5*t-5V 

5b-5b 



5b-5V 



— 


321875 

3.78125 



371875 




9%-lOb 

lob-xob 

7WA 

— 

10- JOb 

— 

— 


365 

- _ 



•V. 

OoWo„ 

UV12b 

UV-12 

livilb 

10V109 

— 

LONDON MOM 

EY RATES 

Mfe 13 

Omr- 

IS 

■» »L 

PtoUUJJ 

Three 

Mantes 

Six 

Monte 

One 

Year 


94 


BVW* 

V 

9b 

8b 

9-87, 

s 

6.96^.90 

8VSV 

V 

% 

* 

* 

720-765 

Hr53r 

fcUroi 

8V8b 

8ft6Jl 

s 

8b 

8U 

760-735 

6b-* 

6V6b 

8V8b 

ob 

Bb . 

811 

8S 

765-760 

61j6V 

6V6b 



Local AMUrfe Deposits 
Local Authority Bonds — 
Dtscoum Mitt Drpestts 
Company Deposits 

RrantaHoaia Oaposla — 
Trnesuy SHb (Buy) — 
Bank Bills 

Fine Trade Bills (Boy) 

Defer CDs 

SMlMafAifUSto 

ECU Lk*td Deposits 

Bb 

aw 

[1111119?!? 


The Bank of England foreeut a 
shortage* of around £i5Gm with 
factors affecting the market 
Including the repayment or any 
late assistance and bills maturing. 


Much now depends on the fin- 
dings of various opinion polls due 
outbetween now and the election. 
While many traders remained 
sure of the outcome, there was a 
general reluctance to run too 
short in case of a hung parliament. 


Trttoiiiy BUb (sell); eM-fmtil 8ft pw ows; threfr-montia 8 1 ? pw erne Bode BUb tieflh one- 
month Sj} Per CMC tiww mortta 8% per cent; Treasury ELDs; Average tenner rate of discount 
8.4951 px. ECUO FlMti Rate Sterling Export Finance. Make up day April 30. 1987. Agreed rates 
lor period May 26 to June 23, 1987, ScNecne l:XL29px,Sdwnestlk ill; 1131 pi- Reference 
ran fa r period April ItaAprH 30, 1987. Scheme IV; 9343 pj. Local Amltority end Finance Hmisa 
seven days' notice, others sewn days’ Bud. Finance Houses Base Rair 10 per cent (ram May L 
1987: took Deposit Rates for sems «t sewn days' notice— percent. Certificates of Tax Deposit 
(Series 6); Deposit £100300 and owr held under one until 8 per t*m; one-ttree months 8k per 
eenu three-dx mantis 8% per cent; six-nine months 8% per cent; nme-12 mourns 8% per cert; 
Unitor £100,000 8 per cert from M«y 13, Deposits beW under Series S 10A» per cert. Deposits 
withdrawn for auh 5 per cert. 


This notice is issued in compliance with the requirements of the Council of The Stock Exchange It is not an invitation to any person to 
subscribe for or purchase any ordinary shares in Astra Holdings RLC Application has been made to the Council of The Stock 
E xchan ge for the whole of the ordinary share capital or Astra Holdings PLC now in issue and to be issued in connection wuh the 
acquisition and the Offer referred to below to be admitted to the Official List 


A 


ASTRA HOLDINGS PLC 

(Incorporated in England under the Companies Act 1908 to 1917-No. 167487) 


INTRODUCTION TO THE OFFICIAL LIST 

following the acquisition of 

THE WALTERS GROUP 


and 


OFFER TO SHAREHOLDERS 


Nominal value 
Number 


SHAKE CAPITAL 

Before the acquisition and the Offer 
Authorised Issued and 

fully paid 

£3.000.000 £2.659,683 


60.000.000 


53.193.668 


ordinary 
shares of 
5p each 


After the acquisition and the Offer 
Authorised Issued and 

fully paid’ 

£ 9,500.000 £ 7.375.308 


190,000.000 


147.506.168 


"This assumes an exchange rate of $1.60 to £1 in calculating the number of shares to be issued. 


BUSINESS 

Astra Holdings PLC ("Astra") is the holding company for a number of subsidiaries primarily engaged in the manufacture and 
distribution of pyrotechnics and associated explosives, comprising military, marine and commercial pyrotechnics and traditional 
fireworks. The Walters Group are precision engineers and metal pans manufacturers of products for the US defence and 
automotive industries and also manufacture and assemble electronic, electro-mechanical and mechanical components 


LISTING PARTICULARS 

Listing Particulars relating to Astra following us acquisition of the Walters Group and Offer to Shareholders by Hichens. Harrison & 
Co., are available in the Ext el Statistical Services and copies of the Listing Particulars may be obtained during normal business 
horns (excluding Saturdays and public holidays) up to and including 18th May. 1987 from the Company Announcements Office of 
The Stock Exchange and on any weekday up to and including 28th May, 1987 from Astra's registered office at Ramsgate Road, 
Richborough, Sandwich. Kent CT13 9MR. and from:- 


James Capel & Co., 
James Cape! House, 
6BevisMarks, 
London EC3A7JQ 


Hichens, Harrison & Co., 
Bell Court House. 

11 Blomfield Street. 
London EC2M 1 LB 


14th May. 1987 


Me 


•.ids'll 




















































































FT-ACTU ARIES WORLD INDICES ^ ' 5 




Jointly complied by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Co 
Ltd., in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


NATIONAL AND 
REGIONAL MARKETS 

Figures in parentheses 
show number of slocks 
per grouping 


Japan Mae) _ 

Malaysia (36) 

Mexico 114) 

Netheriarri (38)...... 

New Zealand (27) 

Norway (Z4) 

Singapore 127) 

South Africa (61) 

Spain (43) _ 

Sweden (331 

Sw'Uerla/)d (51) 

United Kingdom '339). 

USA (5%) 1. 

_ Eu-ope (932) 

Pacific Basin lbS7i 

Euro- Pacific (1619) 

North America (727» 

World Ex. US '1325) 

World E*. UK 12082) 

World Ex. So. A'. (2360).. 
Wend E>. Japan (1963) ... 


The World Index (2421) ... 


WEDNESDAY MAY 13 1987 


US Pound 

Dollar Change Sterling 

Index % Index 



....J 15333 

i5» .s* 1 

16235 
-J 117.79 
.. ' 93.84 

..J 132.64 

13228 
...: 171.72 
...J 10836 

11B37 
.... J 10035 

144.41 
...J 1 2033 


120.90 
..J 155.79 
..: 14138 
..J 120.89 
..I 14L33 
13235 
..J 133.17 
..J 12138 


J 133.42 I -03 


Local 

Currency 

Index 


Base vahies- Ok 31. 198b => im 

CtrojTigio. Tne Flnanwi Tunes, Oottnjn. Sads A Co, Wood Madeiaie & Co. Lto. 1987 


TUESDAY MAY 12 1987 


DOLLAR INDEX 



Local ; 

Currency 1987 . !OT 

Index | High j lc» 




14234 14138 

137.83 i 14736 


I 91.77 
j 9026 
! 81.96 

99.98 
10131 

95.42 

8621 

73.13 

94.08 

10127 

75.98 



127.91 14322 


I 13335 
I 12138 


133.87 11885 


13401 i ioaoo 


0 Financial Times Thursday May 14 198 ? 


FT UNIT TRUST INFORMATION SERVICE 


AUTHORISED 

■ridge Fund Kamgcn (aKc! 
ML MlM 6tnw, Leadw, EC2R 

IIMIT TDIICTC 

Anp.GMLlK. j TSJB 


HcefeM* AiMaMH^n* f*)W" 





t— * 





EUROPEAN OPTIONS EXCHANGE T 


BASE LENDING RATES 


war 87 


SILVER C 
SILVER C 
SILVER C 
SILVER C 
&F1 ? 


62 


39 

85 

22 

7 

3.10 

72 

050 

128 

— 

115 

— 

130 

— 

60 

0306 

103 

4 

24 

234 
n 07 

Sep 


Lad 

66 

50 

39 


6.90 

5 

950 


11 63 

9 48 

2 3850 

io roio 

25 17 

77 1250 

40 25 

to 31 

Dec 87 

IFl HT 

17 155A 

24 135 


10 OJO 

75 2.70 

207 7.90 


127 220 

44 130B 

54 3 

8 5 


13 | 5-90 
Jun 87 


276 4.90B 

4 820 


Mar 88 

11 I 6.10 


ABN C 
ABN P 
AEGON C 
AEGON P 
AHOLD C 
AHOLD P 
AKZO C 
AKZO P 
AMEV C 
AMEV P 
AMRO C 
AMRO P 
ELSEVIER C 
ELSEVIER P 
GIST-BROC C 
GIST-BROC P 
HEINEKEN C 
HEINEKEN P 
HOOCOVENS C 
HOOGQVEHS P 
KLM C 
KLM P 

NED. LLOYD C 
NED. LLOYD P 
NAT. NED. C 
NAT. NED. P 
PHILIPS C 
PHILIPS P 
ROYAL DUTCH C 
ROYAL DUTCH P 
ROfiECO C 
UNILEVER C 
UNILEVER P 

TOTAL VOLUME IN 


F 1.460 24 

FL48Q 106 


FI.95 218 250 

FI.90 56 240 

FU1D 66 210 

FUOO 17 2 

FI240 445 270 

FU30 172 270 

FI35 9 1.90 

Fl.bO 5 1.60A 

FUO 130 2 

FI.7S 109 LTO 

FI -52 300 1.90 

FI5Q 113 180 

FI-45 157 160 

FI .45 132 2 70 

FI. 190 22 2.40 

FI 180 102 5 

FI .40 511 3 

FI .40 465 230 

FI 45 527 250 

F1.45 81 1.90 

FI.150 BO 2 

FI .1*0 28 7 

FI.70 72 3.90 

F1.70 46 160 

050 2107 160 

FI 50 150b 290 

FI.250 2235 8 

FI 240 1979 4.40 

F) 105 14 3.403 

Fl 620 110 8.70 

FI-560 B9 b.70 

I CONTRACTS: 39342 

Ac As) 8- Bid 


| Oct 87 

Jari 38 [ 

154 

35 

— 



4 

17 

4 

21 

48 

4.90A 

2 

6 

a 

350 







3 

6 

210 

3 JO 



44 

630 

4 

9 

54 

4.30 

74 

5.70B 

53 

330 

5 

5-20 

24 

230 

5 

350 

15 

4 

31 

5.40 

53 

360 



11 

3 

— 

— 

— 

— 

— 


2S 

3 

3 

330 

4 

3.70 



9 

450 

30 

650 

94 

5A 

52 

6 

78 

350 

56 

420 

345 

330 

ia 

430 

266 

3.70 

10 

4 



5 

7 

lb 

950 



340 

5 

54 

6-80 

530 

3 



404 

320 

104 

4-10 

164 

4 

533 

4 

1081 

10 

112 

12.50 

142 

7.90 

22 

950 

10 

20 

9 

26 

9 

13 

1 

17 


FT CROSSWORD PUZZLE No. 6,326 


HIGHLANDER 


& 





■iMMuam 





m 




ACROSS 

I Kill mother to obtain estate 
( 6 ) 

4 Odds against wooden vessels 
producing electric dis- 
charges (6) 

8 in time to criticise a Prince's 
perk tTi 

9 Strange person goes to 
occasional dance (7) 

II Parked and put a line there 
(IO) 

12 Nick is caught with joint (4) 

13 Fabulous bird turns soldier 
into dog (5> 

14 Father makes two points on 
sex (8) 

16 Discontinue meeting group j 
or change direction i8> 

18 Unknown ship follows sailor 
into Gulf (5) 

20 Take sail in dangerous sub- 
marine structure (4) 

21 Fewer than half do take 
some form of insurance (5, 5) 

23 Lift most of the secrecy (7) 

24 Weariness caused by 
disturbance in bedroom (7) 

28 One can obtain dry one from 
over there (6) 

26 Interfere with state award (6) 
DOWN 

1 Took a lot of drink over to 
warehouse (5) 

2 One has left to serve the 
Church (7) 

3 Ring off due to nail, for 


example, penetrating flesh 
(9) 

5 Productive field for Irish- 
man's temper (5) 

6 Committed people have gone 
across to Polish symbol (7) 

7 QC is given one cape to show 
quality of fabric (9) 

10 Ventured to take on wicked 
desperado (9) 

13 Complain over item 
recorded for woodwork (9) 

15 Ambitious but badly orga- 
nised (9) 

17 Do without the chorus (7> 

19 The point of annual accoun- 
ting is indeed old-fashioned: 
RIP (4, 3) 

21 It goes back to the tenth i5> 

22 Team leader gets over- 
excited by valuable discov- 
ery (5) 

Solution to Puzzle No. 6,325 


□aamaa smaanaQa 
a o a- □ a a n n 
EBHQnna anEnncia 
a h-'Q □ a □ - □ q 
□nan HnnHannafan 
a a-Q e a a n 
aunnaa nranai3f3c] 
e_h* 0 -Er-H--:a a n 
■ Baaatnan Enzracia 

S*. -> H a- a - a 21 m 
EasQBHaoing niaan 
as n .H n b 3 n 
annansE antaasHa 
a a ta h 0 
HnnaanBa anaaaa 


ABN Bank 9 

fctan & Compaq 9»; 

ABed Arab BL Urf 9 

AgJritoWiCfl 9 

AledinshteJi 9 

Aramaato-BL 9 

AnwBJd_ 9 

HevjAns&adw 9 

Ml fcnXinq Gragg 9 

Asroae Cap top — 9 

AnhoityACoUd 9^ 

BaacodeBiibaa 9 

B*K«G*tn 9 

Loam (II 10 9 

Bonk C refit & tom 9 

toAofCjixus 9 

BaAoflntod 9 

Boafloifa... 9 

BatkafSaflad 9 

BawBSjeUd 9 

BadjysBa* 9 

BtftdmlftlSlLU 9 

Bstfcial Trust LU 101; 

BerfwrBirtAG 9 

BntBLoMMEM 9 

iBrowtostej— — - 9 

Husnea Mtge Tst 9^ 

CL Bar* Nedertaod 9 

Canute Ptmaoett 9 
CaperLU — 9 


9 • QartMffluw&wlr 9 

9*2 Cats* N A 9 

9 CbMerdaitsBe* — 9 

9 OjSstW Baric ? 

9 Caw3kR.Es 9 

9 CosahdateCCnsi 9 

9 toopMtiwEiKt *9 

9 Cjpna Poplar 3* 9 

Iroag 9 DwadLem* 9 

i 9 E-T.Tnis 11 

9«j EqtitVl TstC'gpIc 9b 

9 Eew Trial Oil 9b 

9 Rnaooai4fifn.SK 9 

9 FrtHaLFio.&n 10b 

jjnm 9 FmHaLStt.Ud IO 1 ; 

9 • fefcertFTensgiCo — 9 

9 RcOert Fraser & Ptrs — 10 

9 fintan* 9 

9 GmflanBant J9 

9 • Gmnes Ualcn 9 

9 HFCTraaiSiMp 9 

9 • HanSrctea) 9 

I 101; HfrtXsif iCavTsI 9 

9 • Hifl Smud j9 

9 C.H0W&CB. 9 

9 9 

9b UapbBffl* 9 

I 9 taetfespfcUd. 9 

9 Ue*tajlSeisUd 9 


• UogasGfMfrfl. 9 

list Cndit top. L± 9 

NaBLgfKmat 9 

itejWeswmier— 9 
NPtfctrnBarfcLnl 9 

t fawdiGea. Trust — 9 

PKfra%fOiri/K) 10 

PnrnmalTriaLtd — U 

R-RaSaeliSws 9 

Roxborgbe G rantee ](?; 
RojaIBktf ScsBind — 9 

Royal Trot Barit 9 . 

Smia&tt'saiSKS - 9 

Stented Dortral 9 

Tincf SamgsBok 9 

UDTMMtfPxup *U-I 

UnttdBkof Knaa 9 

Unnrt Mar* Ba*_ 9 

UiWjTrnaPLC 9 

W ta patBant Oil 9 

VfixMwajLanSax 9>; 

Ynrioterf Baal 9 

• Menten ol m Acccjnicg 
Houses Comraawe. * 7-day 
oegnns 4%. Sawwoe b-66*b. 
Tec Trer — £2500+ ai 3 months' 
notice 7.97*A. At call ohm 
C10.OOQ+ remains Swshed. 
tCafl aeposos £ 1,000 and ntr 
4'j% gross. 1 Mortgage base rate, 
f Detnano deposit 3.99f «. 
Mortgage 1125%. 


*5j 


INVESTING 
FOR BEGINNERS 

By Daniel O’Shea 

This book is based on a complete series of articles published in 
the Investors Chronicle under the heading 'Beginners Guide to 
the Stockmarkef . 

It analyses the basic principles of stockmarket investment, 
discusses the different categories of quoted investment, ex- 
amines a whole range of related essentials such as the 
interpretation of company accounts and gives an up-to-date 
review of relevant tax rules. 

In short, it is a complete guide to its subject. An ideal guide for. 
people new to the stockmarket. Investing for Beginners should 
also prove valuable to experts who wish to refresh their ideas 
on basic aspects of the subject. 

Contents 

1 How safe are stocks and shares? 

2 How git-edged stocks work 

3 Equities give you a piece of the action 

4 How to buy and sell stocks and shares 

5 Earnings and dividends - and how to measure them 

6 Understanding company accounts 

7 Putting the figures to work 

8 Movements in markets 

9 Building a portfolio 

10 Manufacturing companies: the problem areas 

11 Success among the retailers 

1 2 Banking and insurance 

13 Investment trusts offer a spread 

14 How to evaluate property companies 

15 Understanding the oil market 

16 Thrifts and spills in mining shares 

17 Overseas trading companies 

1 8 Investing abroad' high nsks for high rewards 

19 What scrip issues are all about 

20 When a company makes a nghts issue - 
the shareholder's sums 

21 Thrills and spills of the takeover 

22 New issues - how companies get a quote 

23 More about gilts -and other fixed interest stocks 

24 Warrants, options and traded options 

25 Investing the unit trust way 

26 fnsurance-finked investment - the pros and cons 

27 Using charts and other investment systems 

28 Your broker and your shares 

29 Approaching the investment tax sums 

30 Share issues and g^ns tax 

3 1 Where to get information and advice Glossary - Index 

Published January 1987 


m 


Order 

Form 


Please return to: 

The Ma/Vating Depl 
finance] Times Business Inlormslion 
102 OertserrweS Road. London EC1 M 5SA 
tel 01-251 9321 Telex. 23700 
BUMS 0»4VI 


Pte«M note payment must accompany order. Prices irteUdd postage and 
packing 

Ptoa9esand(ne copy copies- oil WESTING FOR BEGINNERS (258). 

Price per copy. £9.50 UK or Et2rUS5t7 

I enclose my cheque value E 'USS made payable to 

Fnr Business Information 
l wish «o oay oy oeefil card [mat* choice). 

I i Visa Access AmencarVExoress Q ftners 

Card No 


i sand me details of buBc order 


Card Expiry Oftl ft ■ — ■■ - 

n -l wish io order 5 or more cop<e9 
discounts or leiepnorm 

(BLOCK CABALS PlEXSCI 

Mr.'Mr&iM&S 

Tine.— 

Organisatio n 

Addre ss — — ■— 


Postcode — Country ■ ■ 

SgimB rtat * > 

Please allow 26 days tor delivery Refunds are accepted on books relumed in 
Deriect condition and wittxn 7 days ol receipt 

Registered Office- Bracken House. 10 Cannon Street. London EC4P 4BY. 
Registered in England No 980SS6. ft 






r-i 




*Ud (g) 

ESM9r 

277217916 

-l3 DM 
«S 450 . 
-M 867 
-LX 037 
+M 0.41 
+02 223 

. -on mo 

117 d *2a 131 








































































Financial Times Thursday May 14 1987 







MLA Unit Trust M liw g ranpnt 

ISeotoiHKwS^ WaUnonc MEM1XX OtftGHTSl 



HUlwngiei teTto— tSiO 

MnaLMe HanccnNHt LM 

a Csaw*! Ww. srewew 
Utiful lot — JXZIM 1284 




0*38356101 


Mutineer Mawgeincot Co Ltt 
toxlUmdoo Bridge, Lmtoa, SE1 9WJ 8UTBTOOO 

Stttfcrr® . Bf = ' 
c^rasSOr 13 . “j .s 

M ed ical In m t w Mt i United 
4 SdM frsRew. LBBdDn U TKW. 01-247 1167 W 

Mcoop (lift Tiwt Maps Ltd (aXcXo) 

Unicom HKt 2S2 Ban#onl Rd. ET ■ - 01-534 5544 

-Q77A 1 Iff Ad I 3 58 


Mereay Fend Mxngera 

33 Hag WllttunSt, EC* R 9 A3 
AwmaaOwauL. ft"**' 

itoouail- Irma 

BmhMUMOiVFtat _JWJ 
utmraiura Tl ~p - 
Anwriiai^nycrCacFdJ 

Hanlll- [ 

•MBI EotaEjiFdJM.7 


Perpetual Uoil Trust Mirant. (■) 

'48 Hart Street. HftdrypcTrnmej 0491376868 

+06) 0.46 

3jJ5 

IKSfoSSS!^? * 8 j 

hd.CiK<9orCM., n _MU WM -07 IMS 

F«rE*KS«mT* Fa — Jnu iuS -al DM 

EMpctaCfOMbFfln,— 83-9 t&X -03 LM 

ProSfte Unit Trust Marngen United. 

222 BfettoHour. Loadon EC2 01.2*7754477 

PrvllBs Ammo Ik~J 570 *1*1 -5.1 350 

ProtfleCwatC UL—J 122.9 1300 -+U 4*2 

t^emOlhwClJSlJ 5*3 -01 247 

***(= Mm mr ■ 12f-9 131* +L9 3*6 

Promt Far E+a 732-0 227.*) -Xt — 

PraWOtWiiK BA* 09.9>rf *0' 322 

PnfcGc i.i W9 1BJB -OJ 020 

PrttHte N. Im 129* UM 0.7 — 

PMifk Stcti 5iU—_-JwU tuia +1 S MB 

Pradflc Twliariegy, ,^1133 .m3 All - 

Providence Capital Pd. Hgn Ltd 
30UdrkigeltaOUMUKVVU8J>6 . 01-7*59111 


Scottish Widows' Fund Mu 
PO BnWZ, EdliSaa^U1658U 

Peg Ed" 



PfgPactfkta 

PtoWata. 


Peg GUM toe 114X9 


i 

15*3 

1523 


wilt Mtawfay Asset 

031-668 3720 13Da»Wtt~ 

+M 2.« 


I 

ml? 

ML2l 


Ltd Mi 



WeHhutm Pend Mngn Ltd 

l^BwwghH^^^tieaaO^ U^tm 


Sentinel Foods Mngnuit Ltd 
30 Off Rond, Lw*M EWV JAY 
DtaUag: 01-63 £Ut> 

America* Uljm 

(Mflrasinin 1 

EmeeMGrarih. 

EtnpCH lounr. 

LaigMiSln^lSdi— JTTS^ 


01-638 MU 



afaara^ 

IdUrttMndl UKM! 

J«pTeriiAGml_ 

P*P**E|p4 

Start Inczne Fd.. 

Spoil WcFd 

svtonsib- 


UKGmcnlFinl— 

UK Tip 100 ujugra Fd i 


3fe 

58? 



bU 

13U 

£S32 


Ef 



Wtdttioydtie MS Trust 

8 sssftsr* - 

SEED* IWCU FO- 
ILS. C 


Windsor Trust Mips LM 
89 Ktegsnqr, London 
EtMl~~ 


LM (c) 

01-280 2060 
UUti -«-3} 2J5 

«». Mm 

♦OJH 2.41 


AmefKKkanp.___ho£ 



(oioxlMttl. 

GKMIFrad 

Wrojm OnJo) - 

H*l inmFiM. 

IA£XMH»KH__ 

Higa lam* Fmd_ 
lAccro UtMsl . 



UKSneBtrCcftFd I 

(MM MU. 

Enema May 12 
moB]. 


6176 



Metrop ol itan Unit Trust Mngrs Ltd 
3 Date] Lane, Putters Bar EHfr 1AJ. 0707*5184 

UK Income had (».« 574 

44 57S 


3RD 



bk wpi k Eotr u 
UKHWME417' 

HsasKoagTna 

Stirs Emms Tml 

Pr o vi de nt Mutati Unit Trart Managers Ltd. 
3S-~31 Moorgatt, lendoj, EC2R60A. . 91-5883963 

PM Eort> C.or«i 005 0 HU* tl* Did 

PM laguac led GmMi.M.9 99U +L« 3J9 

pm k mm 6*#*na J3U 5*.*J -a? H37 

PMCnw«6rapU»J«U tiM ■ -O Qa3 

PUJoMSbrMM — —Ml 733ti -OS DJ6 

PMOKncaiGmMti &U 5*33 -53 946 

Prudential Unit Tntrt Muon Ud W (h) (c) 
31-69 rtfort mil, Iffort, ElKX I Cl 20U DL47B3377 

Hofewa LMIlaf OBQD 0103*5 _ 

Hitton Cornu To.. -Ml TSJB «95 9*2 

8MKW EqUQ hcnaif.. JM.Q *7 p 3 -tOi Ml 

KMhon ESy Ttt^—EA* 50 jS *69 2J8 

IMnEmanLlUU Jw3 -u 070 

uuntan. —pm 224Mi +2.* 2-U 

Whn Htgk lie To Bli «3 *02 54? 

Kobori liTCita Tn hum 120il -OS 632 

Htutom JipMcn Ta_I ;,-7;; -sis om 

KottoB N. tor. Ts h7.4 hslM -03 fl.52 

MoBOrt la C«T«__EtS TOM +09 MB 

ItaUwi toe SrtjTa M06 950 +1J 152 

UHtara UK bam T&-0075 llS.fl +lS US 


Otitter Management Co Ltd 
3L45 Grotum Street, lAdM EC2 
Batina bn. Fd B».* 617.' 


KeSame Utit Mpra- Ltd 

ReBaoca Hama ToeWdpe WdK KM 0092510033 

BrhHMJIa ■■■ .W4.7 iwxtrd +Z.*T Z*9 

RMm» Uqk Ta (lad— 0*7D 15653 +1S 1.97 

HtBxct Ut TiUba'i 7097J 210 A +53 Vfl 

RemiMro Fend Managers 
NJH. Rottatitid Fund Mgmt 


SmRU A Williamson Unit Trust Mngn 
1 ftkflog Home a. Loadan W1A3AS. . 01-6375377 

S&WAlwcw. 

5& WGraarMTn 

SaWIncmTn 

BOWSnaHerSda. 


meSv LOPtiai W1ASAS. 01-6375377 

Bs=f iu m m 1 

Tiic.iiigiu aw.il (J on 


Standard Life Trust Mo rat. Ltd 
3CHnm«Sl.EnM>an>EKZ2XZ . 0600393777 
Unpti That *cc. __ ^9.9 31 ij mil iM 

"" — M 

212 

& 
050 
137 


liXEaoACthTti 
(IX Eottiy Hlgb IK 
UAEMtirGHTRi 
IlKEaaMjrCnTn la 
UXFnJ lnTQl*c 
Mitownia 
FjrEaSTnnlKcc 
EurapcntTrea 



Stewart Ivory Unit Trust 
43 Cbarlcme Sq, EOtehptfi 
a-erte»Fi*ti— 

(AccorLlJaiBi 

(WOtitiMl IMU1 „ _ 

Aontan bmu Mar l ^BO*8 
AusvaHka FbW 
Mean. llattsJ 
BrtMh~ 


Mgn Ltd (a) 



SnopipSqmi xul£ WS 



Sun AUsmct Fund Mraiagenent LM 

0*0356293 

„ +7i* 257 

63/ 

116 


Sut AiHaaoe House, Ha 
EqWQrTst — 

relam 

322.4 






BJ 

Eiultr inunr 

53 


UMIbawnFwM 

MWand Bank Group UT Magra. LM 
CUBtonod Hook, SDier Sc, Kewt SheffieU SI 
Ted 0742 769042 

S£i=sr^ 
asaia& ^-^rBHA 

Emon* boats 0209 
(ActMtiUWU ■ 1155J 

EoraHighiBC-. .-..Ms 



StSrrttto'i Lcce, l0WteEC4 
NCAonfcallac)- 
KCAn+tcaUccl. 

NCIncFa— 

NCJwnFd. 

HC U»(or UK Co* 
VCSMVAumU 
NCMeCnadu 
NCSialarCn 

icc sm 

NCPrap. 



01-634 09®W 
iti +02 088 
3 «OJ 058 

W IS 

+11 154 
■HU M# 

2109 +0J 

^ -30 050 


Son Ufa of 

teugvtew. 

UKlocewFi 


Sua Ufe Trust. Moral Ltd 
101, Canon Sc. Latioa EC4N MD 
UBuerForMlo 


Aetna life Igmtct Co LM 
«1 St Jokn a. Lottim EC1V «QE 


Unwlhomrd beta Tram 


Rowan Unit Trust Mpgt (a) 

33, Kino Wllttm 5(, London EC4R 9AS 01-6389670 
MerOB ■% 15— — 1S7B5 58631 +2851 098 


Royal Bank of Canada Fds. 

RBC Tract llBtiWI 1UM, 

| EC2Y5JX. 


AnartcubiMhAcc.— B* 
AnarlcW IbcbimAcb.— 332 

Amentia Inal hK. C l 

EwvpeMbwtBAcc.— S3 
[awn laCBBW Ate — ns 
EwooHaiauaelK— ns 
FvEBICmUita— IM 

li, Cnwillfr 1*1 

Ain *«+ - |»i n 

ligbM8. Al+ 

UK lime Acs. i*7 * 


M roS bwiBAec^W.T 

sssSSSS * 7 


]*.7a 

373 
35J 
3*4 
585 
»J 
293 
802 
*9.7 
961 
534 
509 
47* 
72DB 
73 OB 
55.73 



LHC Fm* (JTOaw 

Mll^rlWUI 



|rin 

1153 

Ban 


liOT 




Ram ““‘.nm 

IronUeArd 

137 

11 J4 

L88 

951 
11 nn 
10.40 
1X19 
12.95 
1075 



Flrefl'literat 

— ion 


014006222 

+o« ooo 

+ffi* — 
+0.9 — 

-04 — 

-all — 


M1M Britannia UoB Tit Min LM (aXcXo) 

74-W Ftabtny PaeCBtioL UmUoo EC2A3JD 
01-5882777 Dotilog: 01-630 04700479 

M * 69jj +OdOW 




*9.9 

U7Ad +13f 197 


Royal London IMtTrt Mgn LM 
NDytiU*im«,OMiesttfCOUlUl , 0206576105 

AraoMtBnOixiS—— ^ *L0 96*) +OA 072 

EiraptnGnMtli— *70 50JV _ . 

WKIacmr >0.9 M-ati 

K taCMe 1063 11341 

BVObBBtk— .... 126.9 1150 

lad-lBi»M— 0.7 fcUi 

“L5 LI9A< 

jmT a fi 

Royal -Trust Fund Ma an g erae i rt LM - 

9,FMMryS«ECZAUIT , D43R2433 

Util DcaSag W-656 ^11 __ 

Capita] Fme Her 31— 0105 


Swiss Life Fen. TsL Man. Co IM («Xc) 

99-101 London RO Senena du , 0732 

EowyDW.- JJ56J 3760 +20 2.91 

s 9 

niedlti.Acc.t-.-'. .JtH-9 Hu J 9.36 

•Phch d» Mar 13. Nail (tip tig Jkae Id. 

TPncn op tiqi U. Hca Ocaiug Jvtii 3. 


TSB Utit Trusts D>> (c) (y) 

OaHun Place. ABdoter, HrasnUfats SP10 IRE 
IMOiMSbm OMMWUffiiM 6JP2-M 

1301 UM 
Ml 
655 
57J 

168.9 
2045 
3415 

fflr 

290J 
4606 
3756 




232.9 




°- 7B 

Mil + u) 250 


4»3_5 -05 

16SX +LE 3.9* 

2009 +21 3.94 

2171 +21 229 

362.7 +«4 229 

SUti +4U BJ6 

7*4 +05 8U*> 

5081 +2.' 559 

4«9.?( +*J »W 

41 0.01 
-41 051 
4.7 050 


+02 

+02 15b 
. -+15 ..L4Z 

. K04I +u< 0.42 



=83 


IIS! . _ _ _ 

UotiilMul — . w 
AaBraiUa braUB. .50 

as ElIfi A 

FfftiibPBm — ■■■■ WU 



S e wft S 55?-^!!^?9 jjMid 
{StSTutigll-l 



Enftaca+faicHi). 1Q7J 
(ACOBBUtiBJ . M.7 

Ftam* 6 PreBenr id— ffi-7 
HtiBYHeim.. — - . UO*. 

(AcobiUbM — — ffM 

lectxM FpM Uae3i- — M03 

uuer mtineal U> JM 

(Aaw< UWISlId—-— >55 _ 
Intnl. E-erapt* Ha 31— 31*0 

Bflltttltt . - all 4 

PitliiuLflUl— — : — 115 

■ Fi«46Cwmtt.Fiti4— gj 

(AcanUBtsi. — >71 

PncilKButiFsbl 1782 

IAccbbi UisoJ— — _ «-* 

ffimtiCMiUBieiFdlr)- »,* 

(Atxnm UmiI — — — — 


1U0 

lint 


a 


NEL Trust! . 

NctaarCAl 1F1, ,_t709 

Minster Fssad Mnaueif Ud 

Blunter Hesse; Ar^wS^MR 90H 01-6231050 

Sb n=$H m idiS 

Murray Johustone UT MgnL (a) 

163 Hgpc Street UB39MG22UH 041-2219252 

g =^K m 

MWW 




Hoag Kora hi . . ..... 

5 Lb 


1K1 


Sb 



|73 


♦O’,. , „ 
1-12 
- U7 
♦17 537 

8 +1,* 233 
+06 359 
+12 8» 

027 

-U 156 
-14! “j 

225 
873 
*51 

951 

1910 +L0 029 

975 +00 029 

10040 +00 052 

lOOSti +081 052 


Si Unit Trust Manager* Ltd 

31 Knraw Rd, Soilmfl, B91 3QA U1-9M33S6 

ttitilCOSRiBS- —17X4 788 -031 05 


Target Trust Mngn. Ud (aXo) 

559 
X76 

057 

_ „ IM 

1266 +0*1 040 

333 +53 040 

12*2 +13 3-23 

U7 -7 +15) 140 

14X7 +00 074 

176.7 +53 87* 

206b +53 887 

1*04 +00 044 

5*4 


- .1 040 


Albany Life Aanranea Ca LM 

3 Bairn L»^ Patten BwEMlAJ 
EoarFd-AccAd— — -W7XS 919.d 

Ewopbib Fd AcobbIiI— C092 2204) 


FmiiB.mil. 


SBwonUMnl 


SIM Utit Trust Hwiagtment IM 



Cat MomrFfl.AC.tj)- 

lon. Hjfl Fa. I 


3*26 

. . asj 

. . .Aon IH flfcl 374-( 

Mi Fid IMFli Acrid — b97.9 2083 

JBWFbhKzI — 5t*5 3242 

” 18X1 

229J 
6262 


MO Amnaa F4 AccUT J27*6 

Pro.Ffl.Ao4z) JZ1B5 

rfanyti Bw. AgJM iyw.9 

Mh Funds 

EaPtflFdAccld 07814 187*4 

tjoFdAcou). ia m — ^ 

Fmdlti.Act(i) £234 

PuAccbl 3*9.9 


bltamy Pi A 
IbO Map Hlld. 



JiePmFaAalz] 

NApiPnFBAcelti 

Praperrylz) — — . OZ3J 


2*51 

fcKKI 

9683 

3813 

5061 

2X73 

5*01 


Many Erasupt rtitii 
ABcrEiinaAirirn. 
ttitwnz* " 
JWE«B 


Entrrtahe Htauey Part 

npaab 

1304 

yzZZssazrzz 

PemACawHy 

124 7 
302 
78X3 
991.7 


UK Sn^Caaro Ex FdJ 

ITWJfi 



1900 +0.9) 09* 

154 


Tempi etoH investment Mwra g ament 

■iMaiiBracd. 

Thornton Utit Managers Ltd(z) 

16 Flaftaiy CJmo, LnoBw, EC2M TDJ 
DcPlma; 296 72X3 

1OHS.TU. 


j^lwPiwAcc ai — AZ IX9 127741 

1ZS4I 


UOti +10J uo YKAStrtizgr Htt.9 


Allied DraAar Ass met Pic 

ADM Dwtv Cl>, S»Man SU 1EL 


0PEv«plApra28-W4 559- 
BSMEwml Ear 1*^®62 7874a 

MB. top iga^lM WiI 


SXE Mauagement limited 

g^ag , | 9 f 7JS 



NFU Mntnti Utit Managers LM 

3S Fanouts Si. Manttieair M2 2AF 061-2365685 
AMBEtiWi WA . 6441 +151 LB1 

NM Schroder Utit Trust Mngn 

Enwturhe House, Portsanutti 


Save & Prosper Group 
28 Wvbctb Pd. Romlort RM1 


3 LB 

£H3 91X (RstibnO 


iAOWdUuM) — ~ 

m 

15003 Unnu ram- 

m 






nrEameiGrowAAce. 

787 

37.9 

9p 

ItoM LM-J . 

ru 

^7 

(Aram IMU 

JEnESiu 

SB 

uu 







SwcuiSia 

1M^ 










3X5 



Orinul Imnt Fro E7. J 

Paine TnSMtiw T»— WJ 
IAbbii UtiBI . 

TtitiTn. 


Touche, Remnant Unit Trust Mngt LM 
Memati HU, 2 Paddle DkK, EC4 _ 01-2*91250 



National Protident In* Mgn Ltd 
<8 Gncadiwdi St EC3P SHH 
MPI AbkHmi Aean_h3 * AP5) -.J 

NPI Earooro Alttti^EJT “?-3 

HPifei-EBaAttttii — Hill 118* 

HPIO-vmDM 
(Acorn Utin) . 

HPtUHOm — 

(Accra UtiOJ. 

WHH 


ScMarPacI 



Scimitar Asset Managcra en t LM 

aCnabySfl.Ifndor. E^A6AQ Kl-58abWW 

Si S 3 83 S 

syasr^^sr 

UKcSfESTtiitt-^* ^ 890. 

m 1 


TR AjuerOoGen+Oi 


TVGemnlGioiU. 
TA CMW Tech 
TR1 oo»m6 

TRIanqipl 
>b 


TRUgdEolyPUnAa 

TBUsdEquirPuaiK 


Trades Ution Unit Trust Managers 
«g?!!S^Sg 22651 

Transatlantic and Gen. Sacs, (c) (y) 

1D1-1D5 VIcUBU Rd, QwSrafam, 0245^66266 
n»6Amf*MI7l4. -W65 M*4 *9.jfT5l 

Uctro-lltiS^— 3*8| 368 .7^ +X0.H 193 

FiriBrig itiL ISA) 7 - .,12185 232.71 1 352 



Put. Mortgage tec 

Ambassador Ufe Ass. Co 1M 
American Lift hu or inc e Co UK 

2-8 AR)!T Road, CirqtiflO COT 2LS W -680 7181 



»g=- 

- limpid *rr— in» IrrBI 

Wa ged A u K iaiauBWl 


Triton Fd Magrs. Ud. 

RsjalUM. Hje-CotckrttetCOllRA 0206 *4155 

TraaeCeaeni tIM5 1780 — I L46 

Fur TyaddB Mngn m Aetna Halt Trusts 



12441 -Oti 

lS^ -i3 

CPBlde 


cyyoTwapcu 


Norwtch U# Trait Maoaggri 
pa Ban*!, Nipiata* wu 35s 

EwW*W Tr ! R E l 

KAraent*'T«* 

OctRVfM Unit Tmrt Mri tM 

sasasap 1 "*- 

np ae a hei my fund HMt Ud 

tfcCMMaUuBonECfllME 

itiwumyi craw* . (ittf 17 

•wrobwC- — I da 

i—MiQfwa - • |7p * 

32rob«SirrjM.9 
UKba yA— 7X3 

P*nWbroX.;_ ^607 

HIM IBDQBti-n.— — 1413 H- 

PrKUCti iscadwuws J 745 _«.! 

PrenatAnuoUnH 


Scottish Cqtitatic Fur* Mgrc. L^d 
38 81 An drew S^EdStiwgM 031-956 WW 

iaWmwbviuo -4«j lgj 

ItitiAOBtilMH — .. WlLl 2W-3 ih J- ifi 

!! 5 Sa 21 r^ 3 i* Isa Jo| SS 

E wUMM -i*H **« -“53 


LM UK PnvMnt Utit Trust Managm LU 


Battle As w r unct Funds 

asss^H^ " 3 “ 




-u 


148 



Scottish Ufe bvastmenttiz) 

19St AndrwSaLdMBBSS 031-225 22H 

UKEUBW. &474 260.pl +3.9 



Utit Trust Account & MgaL Ltd. 

20, CotiuU Avenue, London, EC2R7PA. 01-388 6064. 
Adibori: Hendenoo CroUnaiu Lid. 

SESsaC=JSB >SJ di§ 


Vanguard Trust Managm Ud 
65 Kafeem Viaduct, London EC1A2EU 
Deanog Uni; 01-236 2460 
Atagdn RdhAtieu — 56X3 
UktamUDU) 


Bartiays Ufa Anar. Co 
2S2 Remold toa* Londoa E7 

Be cU) Hoed 


+1A 143. 


PK Cralith Trust &fw*P Pi« m 

4. Fair Rrett LOBdep, EC2 01-9209120 

? 

Ds*6>9 Bsr n*4 *DtiH6w**i= 9*W*- 

pgad Trust MmhhiLU (aXU 
2aaHigBHskwr6wnwTar 

jm U0W( +13) l.W 

lff+ iwi (1711 15+1 

PftilhK- 




PWT tnH Hti ar 7.-- .-t}«5 

JACOBI Usasl ^ J1578 

PwhrtiW AdminW»ti« tu ; ■ . 

1B.19SAMSBB83LL0MKWWC1B4K. ®fW* 

pwramrAreMBUBwiJeeX fFM * ' 


Scottish Mutual hnestmapt Managers Ltd 
- - )G25HN 041-2C861CI0 
2173 -0.9 

1.0 m2 +05 7S 

to 129 ( -05 U* 

MthkAtietiae IHS-I HZ 1 . *S2 i-2 

E teS S si li® 

Scottish P rotide n t lot, Mft Ud 
UtrrirtWUiAtt, ^5 Bid L« 

SSSXSJK^^^I IH^ 

S-SS 

u & ?S 

J 8jS tig, {J 

lihJlHWX - . ..J*2-9 4S6* +0+ W 




CoKwwrrad 

UteM UoCi> 


Wardlty Unit Trust Managers Ud (a) 
Wardhr KoaJe, 1 DrvwNm Sq, EC2 m-029 

1532033* uealm) 

AaierttAaTB feu “JJ LJ 

ItiUbP-WTH, fiS -lOZl -“■] J* 

Igmla hl (+ 122,4* +03 *4 

j^6«Urri=rrfi?ju m: -XI oi 

PacAc Pdf TbT 1-.-J406 l«i -1.9 OJ 

W&nT H pu s 1*93 +04 IS 

rBStiw. 1 """ Sfft 47.7a +05 01 

A^sTm. W* ,663 +03 1* 

UK Twm — _^tt8 2 7 1W-J +J{ JA 

r«proCro*6Tti_gb4 S9« -09 04 

MagKeaiTU — iSli 3X* — L* 

Wl utflntlu J 250 1 650 



Ud 

_ 0-WS44 
443d +2‘/:« — 

J7S3 +16C — 

sv-a +xi — 

^3 -li — 

S| _£? E 
a M - 

TOO' +U - 
A44J 941 — 

»7J +JU — 
DU Ut - 



IMbU-SHBM. 


Black Horst Ufe Ass. Ca Ltd 
MMKhmen Hto Onaunv «*«■_ 

neUtPBtKFiAd J 4*959 

T*- I'mvtr Fmd . ... -It7l. W 

TbeWrtOBSfcwBFaJjnW 3927 
ThtUmodFiBd— J3»a » f2 
Si* Wi A Awr F*— 31*59 J*L* 

. TMti-Ttc h ip ™ ra^nwAt nu 

TO* Hill toorA&g Fa -C52M MU 
Tppp>£K) ml Fro — ioi 
T bi rjelic 5D6i Fine-^®i07 BJO 
Ttt6(tiW6l4iHiF*i~534.91 1£5 
TncJtioa DrroB Fro -JtEi4g 1W* 

The UKbo-i* FdP4_jS.» 1368 
The Coal! Ear G**B Fd — 10276 UU 

Tl»»n««yrro- 1UD5B Wi 

TBeFMUMttFd — soaae £17.7 

Tarerofro— -—372.78 IKJI 

Tw ttmana nwti FA+.29U5 306# 


0634405161 


lneraantml .. — - 

mi 

NewTerimtoB — — 

mi 


UT79 


KK 


Fhulimrmj. 
o rout- 


0558 


WtftAvM Unit 

UdUKhXoX*) 

27Pi(BeenVie(8rtaSLBrtUBl8SB4BX I 0Z727 
6mHabBtrCgi H9J USJl +±4f 14 

BrtMebnutii 006.7 UXt +3M 13 


British Natioati FfaiaadatSeMkes 
Pgi y mantt fond, Hifwrds Heatt 04*4*1*111 

il “■ 

Si rj: 

12 U 
1 U 6 
1005 

sea 

2385 
293* 
m* 

3184 
2401 
W34 

ffin :r: 

m =r 

19 

*0 


LM MaiageflSenaJ- 


0264 


12265 


MtmllaWSineiZ BT87 

CKfMli B94.9 


i inegw i h w* Ataw— 299.7 

Mnwd Pmm Cat- BO 0 

Pnprri) Pnb Accuai Z78B 

PraptrwPrmCa 2U.9 

- i unm _ 39J 3 

3*4 


60 

3BS4 


EoHDPnwaakCnL. 

Mra >ro Pem Ama 
HnTroiPfwCep 

Ml him Aeon 

HAwfiv = .._ 

Fheaiw pwAcobb ban 

FhMMPmCah QS7S 

Saay U SdMb-Maad JlfiT 7 



0483 bSUl 


tsny, Landau WC2B650 ^ 01-4058331 


Wright Sefignna Fund M m r a gci » LM 

U£JgrgfleklSi,LMdoaE£2H7Ay . 01-5B80592 

Gra+tBFro Tsxs 1 247 

Hnekl) dmlag dagr TBeWer 


The Yorkshire General Ttust 

OW 602250 
L7&S WJtk fL2l ZXl 


INSURANCES 

AA Friendly Sodetr 

IliKSKA Mm M A C In* Moil Ud> 

POBar 93 Cardiff CF1 411 W . 022235542 

AAF<M^E)M«r8— -U M2J* 1 — 


CCL Assmnce Ltd 
74 Shcpunh Boa Sreeo W12 BSD 


01-740 7070 



Combat Insurance PLC 
57 LaAnead, GaAKwd 
Era** FBAS8I EUrb .JffO 0 
Flwa InlA&B) Mnt„. 1875 
MraCanlAUrlitok 6055 
AkWr Fp (AABl Ma* b - 1*65 

CsF9«ivl5 *900 

£ZS5pnFdJUhl5— - 1835 

rartwifliBAfiMerb. 2080 
NAa+LMUeilUyi, . Ill) 
imTmsKASBi Mn 6- 1*15 
Prootrtv 'A&EU M» 1142675 
IUM Pawn Fg Mat 12 

EwuFvmFWHerlL 
Fra It* Ptpj fa Mar IS 

war Rm Fd Marie 

NbiryPmFraMajiUF 
Plica far BHBI 


Criterion Assurance Group 
SwanCmn, Pnerdirio Hems 
Uninw Mngd Frad^toOl 
critmw sired f*ii_— p*S 
Penvaa MnH Ca _ 

Pww" mgr Ate 

AetncbinftLri* 

ASM sm FdPea 55750X4 

Aahe £rts Ffl Pm «73ll25 
WaHS Owk Mgn Fd UtfJ*** 

WDraikinUgaPm&)— M-3 . 

lMm0mHgg»t«At7M4 MU *zH 

ror aflttfl Fro am prtsa ring 0730 6X01 


Crow* Financial Maaagemnrt Ltd 
Grmii Ibe, Woklag GU21 1XW 0*8625033 



General Accident Linked Ufe Assarancafe) 
EOT* AOdnconWe Rd. C/nvdon Cff) 5BS Ol-tUOSU 
136.4 -0*T 



immauanji 

AmbwiCMh 

W2 

Janet Stnade* Cert 

LUX 



teSSiSfro— 

Rtfl Filed int Act 
Pm la+LiiamAw . - 
PmCasiDrpAu 

1M5 

M2JI 

L3L7 

1076 

117.9 

tal-tc-fec 

1317 

101b 

PeeJwSnCd'ito 

9SBGZ2 = j 

awn 

11X7 

LOGS 


IBIS 
1321 
1005 
USX 
1181 
1144 
4bfl 
1597 
117 S 
119.4 
105* 
192.1 
2126 
1386 
1132 

12*4 

124J 

13*7 

10b.* 
1915 
130 S 
1218 
Kin 


-07 

-11 

- 0.1 


+04 

-1 0 
-02 
+12 
+Db 
-05 
-07 
-U 
-04 


+0J 

_o'3 

+1.7J 


Honemmcra Friendly Society 

PO 6oi 94, SerirglncU Are, Harrojale, 0923 67JSS 
Pwfhu* Pm _ 

MF5 Managed Fg 1 “teb 101.71 _...l — 

Marbelliaiter Mraigcd Sntagi PUa „ 
HFIMroTOFil H6* 101^ ~ 1 — 

Impcriti Ufe Ass. Co of Canada 
Lender Raid, Oaucesirr, CU 3LL MR $00500 

tmnrFoM 0166 »**JI __t — 

UBiHJMrd PW1MM 

sni 


Furfl iol F d I 

Seorrt* Fa. 

tasH) fa. 


py>a 
,174 4 
Jb9b4 
11836 


Canada Life Greap 

High St Patten Ba, Hem 
EoaijCta MMdi2_ — I 1793 

1 UU6 



Cannon Assurance LM (2) 

1 OAnglc way. wemttf MA9 on B 


01-833 2XB 




Aisiconaioni GENERALI SpA 
U7 FewaaTcri it Lomtor EC3M 5DY 01-4800733 
HarraeOewwIUFOn. 1422 1941 

Karat) Gromli Peij 153 9 

Henero Cwaim 12* 0 

Him Laui(r I M 14X4 

HmbmEiaepein 1215 


PhkIba Fra Rartfana 

PenUiFdStnnl J299B 

Pm Mi FB Senei2 __ p995 

Prr+Prncx-T, Fn ll+T T 

Pm tn-Edged Fs DM 9 

Pimiid-LiMfd I] lor 

miPwiUUFr fizi 9 

Pnr. UK Eonii Fd._ C55 7 

PlW >U Fa D9L3 

Prm Mqr hu Gtrr FaBOU 


XS± 

114.7 

1294 _ 

1*25 _... 

1ZZJ 

1283 

2694 

30X6 

212.1 


Hm Jee A Fir Era; il7jj 
Hanena Mn An*TUn u Jl095 
liarM Rn L Auns — 5JXJ 
Mcrerss ScmdooMe. . 125 7 

H meats 5 kbIItv Cm IM 8 

enroll itu> Urogrd- <50* 

C troM i In Wgfl Pen — IBOb 
OerenuCro 7*105 4 


1306 
1531 
127 9 
■HI 
1825 
HOC 
1*3! 
132* 
1735 
4746 
I486 
1110 


General Portfolio Ufe Ins. 
CnsstrnoL St, CheaPiinl, Hera 
Lit* raro 

Portlem Fd An (*01T 

PflrWrt lei. A___J481 h 

UK Eailn _i£5b5 

Mnwtax _Doao 

SrukerCatisam 5504 


PIC 


Imperial Life (UK) Ltd 
Leaden Road. CJeucnur, 6L4 3LE. 0*52500600 

— tmpenil iBifdinent PartfaUa 

” wwgrare - — • 

— Cfl EH9fdF8 - 

PreortiFa 

Hjbn>«|aFfl _ 

“ Dm «H r a 

■” IwCL.iillS.XF* 

~ U»Eoi.T»ra 
_ hue LqnirFi 
_ Jam Fro — 

— N. Ainmcs F* (MB4 

~ Irish Ule Assurance Co Pic 

Longbow Hone, 20 CnnwrU Si, EC1 Q1 -630 1721 




[3134 


01-9028870 


Crusader Insuraoce Pic 

hWtl. Surrey RH2BBL 
Mrasaml Peifernaoce-I 

PrriomaiwPWi J 

W«e Preen PwfenCZlZI 
uKOuanror 


HajnOvwH Eror- 
PtflUm Fro, 

PenU* Eiawr — 

Pm Ovmra Iwb... 

PtaVraHerCn )l 

PM Fit £ulrm 
PriEuRXV^ii — .— 

Pm Norui Abmm U0t>* 

PmCfli Pisi — — 5*64 

Ph TiiMiw Oro- 

PtiBWgSec 

Pm Proomr B3X2 

Pm indr-LHAad Ut— hDS 7 


Earoann OroraaKr -J 

NUi Amrtcjn One 

F» [mem Hex 

CwUPn9crlTUl<13 

C+UiPrfl5m? 

FXcti iiaema - 


11DB 

1082 

495 

1265 

1043 

nu 

1113 


— eraaesedPeraCAprieiJ 

_ Devonshire Life 

- 29ClaHtniiseSL,WlR5RC 


0737242*24 
317 j) 53 — 

1145) -OJ — 

losj +aa — 

1334 -1JE — 

1154 +U — 

107 0 *01 — 

1185 +04 — 

1475 . — 

104* +05 - 

mt -oa _ 

104.9 +55 — 

349.95 ....J — 



Pm «. HE RTOatro 0184 124 

Pm. Hrjn 5l Early —UOZ.* JOT 

For ooim am pro* iritsnm I 

Gresham Unit Assurance LU 
2 6 Prime ol Wiln fta. Bdurnenoulli 


Fwm>a«n -Ml 

Prooray NaunCU .. 3186 
Pa, Mga tui Srr.2. . 1746 
Pay Wad. Gw 9a 3_173J 

Bbe CJ>B’ 

BBfCiulrnnJ 35+2 

UarCKpSmn] M+4 

Migri i aair Som 3 5*0.7 

Uaugcd >347 

Hmonvria] rne 

Mnun Srm+ 3 — - f n >5 

Gwui luagm 13*53 

C*o6jI Pm-ty B52J 

lUebal Fi.rfl immi (310 B 

GHraCnntr [396 0 

CwBCai , 

Umimi Srcumr fm.. 1016 
Uonmii SiUdih Fnd_ll 14 b 

Ur+ni Omul fa !l l . : 

L*rm n i iii « i ra p3*5 

Pal Pm S«+ 2 Jib* B 

CmIiPm 5ma2 _i5748 

Gill Ldgrd Per 5rr 2—.T56 I 
UmHFn Sir 2-— J*72 9 

Ena P(ruon9rnn2 [Ibb B 

I nl Cm, Prr S»-3 _ K745 
UK E«u, (Mini __ST* 8 

Fart mi Per Err J 036 1 

Pram, Pm Srr 3 |I6*8 

Dtpenl Pm Sn 3 -JlbtB 

5KWI, PmSrr3 fJ5 0 

Eal MaaPraSrr 3 H729 

OpnHinPcaScri J9U 

Fa Johaoi Fry Me 'M» 


Hie LAS Group 
10 Gearar St. Etknfturoli 
Cmm Ufi Aamwci 

Hanged FuM C465 

UK Eraliy J612 

1*83 
I8x* 
ilex a 

h»* 

12290 
1094 


383.1 
3985 
1817 
1B2 4 
23U 
37*4 
3893 
10*2 ( 
77*4 
30X5 
3014 
3X95 

IbllJ 
32i ; 

4IB.9 
130 b 
106.7 

]?oe 
12 1 
W.I 

in« 

mo 

3746J 
4*71 
179 b 
6090 
6090 
3742 
171 * 
1796 
100 0 
4911 
103 


N+inAinmu 

Iflti-mjlrtul t 

Ni'iraRn --Jl 

Eimeeu 41753 

Fir Eau 

Higr Fft n wel e gy ■ 


020Z 7676S5 


Inl+neiOU 


095 

ilb+5 


+0ji — 


City of Etiohorgh Ufe Assurance 
46DnrWM5q,E<MMrgtiEH24KQ (B1-22SU55 

Kfl = 

Uofiy JokiODi* Fd _4l41_0 109X _ 

Mera?M»*ri Ffl_IZ5l2.fi U8I — 

ImoBM SemvFd~b305 1161 «... 

hm8SroPmFd-~p*0 1312 — 

n»6 Hew* Pen Fd_n495 1571 

■demy 7 now Pm Fd-5385 1462 - — 

MaMf Hartrl Pm Fd J1125 UB2 _ 

kwStnttwPwFad — 5095 115JJ 

City ef Wesbtinster Assurance 

Soray Kaau. S00 Avetuy Bovlevaid, Sana Gate We^ 

Cent lUken Keynes MM 2LA 



Eagle Star Insurance Ca LM 
Baft Road, ChetadaniGLSSTLQ , 0242221311 

Seoul Ford- bOfa.4 112. +01) — 

HS-CMnFro h*11 16L2 +l3 — 

Perieroioee Fro__Jl7xn 1SX2 

*MWBmFwl 0rX6 1828 

PtnUatt Secure —JIZRO 4 1035 

PmflonBIa CPffl 570.5 126.* 

PnWB Pirfarm i nci ^jUX9 1225 

PmNatAim«dann_5193 12X1 , 

Penuoai WHS Profit, 11078 11331 +OW — 


Eagle Star btsarJITuBand Assur. 

I TiuraOKffllr a . Lorjton EC2 . 01-5801212 


Bairated Fma~ ...I _. 

975 

Fun iwm UI 

Glottal GrDwtdirl 

1X22 

109.1 

Metro Nmi IneUI 

Mwogedlii. 

9*5 

47L7 

Money U) 

Hm Anenon Grata ti].. 
PrnomyUi 

1027 

23L9 


E6deAM-Uau_ 


2l7.ll +X91 XU 


American A Geanl U 1 . 
CrocriU) 

rie* II 
2734 
0031 


-Kti 

Income TmaUI .. .. . . 
Internal lonal GrtAMzl-. 

Jaaan A GeneriUiJ 

PhmptIi) 

4*oa 

1183 

182.4 

3+21 


070742311 
-U — 
-OJ — 
-u — 
+aj — 
+L7 — 

♦07 — 

*0/ — 
-as — 


-1X7 

+o< 

-52 

♦Ol 

+.1 

+05 

-LS 

M 


+03l — 


0793,28291 


tw*wFro_J 

HwJlomril 

FbEafrtH 
Harm Amertcn fi-dW 
M — -i l Bemorpr, Fowl. 
Prmo^H 


Pen lekraauaai Hgd— 1005 
“ d«i*d-1005 

i- 1005 


Oauncd MW FO- 559.9 

CaAMnatXeMagdFd — 0583 
Eqnpon F oil -. . — ■■ {17 46 

I nte r m lnMl Fro -0375 _____ 

Far attra prices riero l e UTOae 0906 6WBB8 


1314 

3*59 

1798 

2785 

1*84 

19M 

4401 

332.9 

1601 

1092 

1052 

1092 

10X2 

1052 

1787 

168* 

168' 

1387 

uxri 


-16 

—07 

-08 

i 

-Lii 

♦ 0-1 


-oi 

-OJ 

+02 

♦OJ 

+o3 


Economic Insurance Company LU 
LONMl«Sltii«taura.ME101PE 0795,34321 
HMfM P«14 lost 

FI— i IW M -■ ■ bar 4 JEBJ 

Canny — mefl lor.* __ 

Omra Eraay ./jn .4 10 L 5 

Mrara — . ..."ZtBJ 10 BJ __ 

Ptm Uanagefl 1102.0 107 * ^., 

PmFMUenuJMl 103J 

PmEraUr 11040 10U _..., 

TmOKnixEWIr— pbA 1012 

Pern Money — _J_j95-4 1005) . — 


Kquitabla Life Assurance Society 
Waftoo St, Aukitwry Bucks KP21 7QW. . 0296393100 


GnOro Pern Inn 
EM- 
Flitdll 


Eafsvrm 

•nUl Lite Fine 
Mutm 


ilb98 
U7b7 
52X6 
Jl*ft □ 
[22fl* 
1291 
till 
7*5 



CM OooBi Own ... 

cam 6 SaavnJlsMg.illU 
Da+ry la u ltam — 

Hons Anri MnM -— p36 
Morn Mane Tip 20 522* 

<r ~ - p m* 

SawrHgn ChtM —5087 

Sic— m Sion Scwaa—aOU 
(Madasar WngaFdZJULO 


2X21 
38J5 
7083 
1965 
1*7 9 
388 7 
199 6 
2*29 
119.* 
1852 
USB 
12fca 
31951 

17xJ| 
17X8 
133 6 
1345 
1546 

:*l: 

1387 

2739 

10481 

1*84 
10L7 
119 7 
Uel 
1672 
1418 
127J 
11115 
1090 
1145 
inKr. 

Ul3 


031-225 8494 

-as| — 
+55 - 

♦OJ — 

-16 - 
-75 — 

-16 — 
+ 02 ! — 
+0J — 

-U - 
+0J — 

-2J — 

- 1*1 — 

-as) - 


♦oi — 
—06 — 
+30 - 


-02 — 

♦OJ — 
-OJ — 
-OJ - 
- 0 * — 
♦0.1 — 
—02 — 
*0.1 — 
♦02 — 
-09 — 

-OS — 


Lewd A General (Utit Assur) LM 
2Hoaieiiere Ram, Horn. BN51BE 027372*588 
twaa-Sot Lwwd— ~JlP*fl UO* 

Do. Aram. . 1 lU2 1192 

rwu— i pun 

Pa Aram . 7782 , . 

«4k71 

H’i “ 
-16 

+ 7.1 — 

+26 
+06 
+06 
-13 



Da arawi 
Fiied ladu. 

In Aram 

Indei UnuaGn 
Oo.Acam— , 
Inn i nuii 
Do. team 



Growth A See- Life Assce. Sac. LM 
Z3BahroRd.HarmdfHNi8W.SuBey 0444*13307 

209.b4 

P .7A72. 

«36 a. 

156002 


1 — 9— A" 
0.-6 X 9aper Fd. — 


Clerical MedfcaVTidelfty Intemationti 
Narrow PBia Brtaol BS20JH 0272290566 




Guardian Royal Ecchange 
Rpya* Eicha y. E C3 

P raror Boi* ■ ■ -K3B6 *5831 

CMC Linked Ltd Rimaci Ud 
Mrognl liw+l 
CuAixn- 
Etute llUMI 
Da. " 


+LS 
♦ lj 

FvronTi'wira 
Do. Aram 

Legal & General (Unit Pensions) LM 
Kbtmrod Hone, Kogswood, TadwertA Samy 07373 
53456 Si *660 
L..BK* fac. trot. httfJ 
PxAcram.. ... .— — J 120.7 
iMraiCaiiiav 

S 6 


1180 +O.S — 

127-1 +OJ — 

2XXJ +OJ — 

2083 ... — 

6*03 +UJ — 

11*1 • +14.1 — 

15L4 +05 — 

1582 *06 — 

Z8X5 -87 — 

2983 —89 — 

3671, +26 — 

5266 +3* — 

1136 +05 — 

1322! +0.7 _ 

235.1 -13 — 

2875 -22 — 

S*43 +V — 

B0BJ +i* - 

160* . +81 — 

1676 +L0 — 

70X0 — 

2785 — 

1582 ... . 105 

388*1 +0jJ 100 


Spec* 


Entity & Law 
Anrndwai Rtod. High Wrcarata 
UK EwMtoFiad 
Htgker htt. Fuvu. 


— Property Fuad . 


Fbad imerta Fl 
ladn LiW Sm Fro 
GnLDeponfro 
NflL Aaicnar 
Fa EM Frnd. 

Europe Fro 


Mil. 


1116 


— M Pan. Emin-u> — -*682 

— IwL Pm. HU* Imttt — 0502 

— IM Pen. Fid In. (il__i2926 

— roPenTOLtSo-UI JJ133J 

— lad. Pea. Pro m t U>— 


— IM Pee Fa Em Ui. . 

— iraPeaEueeaeMlii — 1134.7 


InO. Peo. OetntM UJ — , 

iMPeaSMuarddl — teZJ 
IM Pm. Cask bi ptni 
httPviDAFSer2Ul_4S3 
IMPmOAFSwlbllJDX* 




Sp. Draw in* — psaj 

Oa. Aram . ... .1 1789 

Pun Id- Sf-W 3 PiWM 
For other pnen TBL 01373 93*36 


PtaxHaugrto*WI_J 
PmvMwugM " 

Pro Eaur, limit 
Pro Eowly Att. 
Pro6id.int.iiKU 
Pro Furfl Ira. Ace. 
ProbdioUd 
Pets. nn.Aec.. 

Pro Pip. umiii 

Pro. Pip. Arc 

Pro. hO-LMCB 
PrfB.iM.LM Pl at. 

Pm. Oep. lAttal 


Hearts of Otic Benefit Society 
L29Klienav, Liadtai WC2BMF . 01-40*0393 

PramtiFaM _6lJ 53 J) - 

Uaa+rtF«l 098.9 21 13 J — 

Pern Managed Fro — 0681 174a i — 


Liberty Life Assurance Co Ltd 
Sutton Rd. New Bamet , 01-44^8210 

5*' Set A ■ .. )Ui* 

Z_ I&9J 

35? 

sl 1 

253 
J93 

a* 

2X9 
1X2 
182 
196 

London A'deen & Nthn. MU. Asstr. lid 
129 Ktagmay, Limton KVC2B 6NF , 01-4040393 
'AuK BMOer" JU35 120Jj — J — 

London Indemnity & GnL las. Co LM 
18-20 The Forbury, Reitflag 5SJSU 

t^ 7 S3 z-T - 

London Ufe 

100 TroptrSL Brutal DSlbEA 0272-279179 


— Hend e rs on Adititistratioa (z) 


26 Flntmiy 5% Lonton, ECt 

Higb income ^__333a 

-pLA 


Ctertcal Medical Managed Funds Ltd FS A^oriwct Llmltad _, u , 

15 St James’s Sg, Loa^a5WY4Lg_, 01 -93? 5474 lWNn^^a.6^goeZ2P^ 0U-3K64U 

~ Pro BatroCl* FaAtlrS.7 J7.9) ~ZJ — 

_ Cat* Deposit Cm pis 2X41 — 

_ CamOegaMAcawa B4.7 283 — X — 

— Faunfiv Anaiance Sacietv 
— 19 New RA BrtgHoa BN1 1WS 0273 724570 

firtti *i Vinwpil |*T17 442.7] 

Fmiy8l»«raro^^g74* 278-3 

Fanlty C. Hm p c t 2472 

FjiriX 0 Fifed in. 2136 

FanWrCac+UUTO— 54*6 254* 

Emkt.BHt.il Ewi 141. • 

Froiy GfOMti Senn 1_JUX0 135.7 

FShllSSJlJrtgl 2 ^! W 

rmuaitiuattg uti_m4£ tn.t 

Fkflllj PfrterBaiee FdjM.4 boa 


01-8385757 
35Z.d -2.1 - 

*X7| -16 — 

Siisi -ZJ — 

194.7) +02 — 

"til Jl — 



Prices *0 U* 8 Ufl8 dNOap « Wats. 


Cotonbl Mutual Group 
2* Ladoate MB, Lsadan E£4P 4B0 
CMC (that I 

Ntf ra 


OX-240 9061 



Federation Mutual 
SidMk Hst Caflege 
Pro lie. Ta an. 

Pro ln.Tfl.AaL 



LM 

. 04065605 

::::J = 




3X7 0 


24X6 

Hill- 

2*35 

- - 

177.4 

|1t _ 

3645 

___ __ 

12x9 


179J 

— 

13X1 


109* 


1083 

m-i 

1035 


12L2 


1005 

■ra- 

1132 

ro.L. 

VS0X3 


2773 

ran. . 

1922 

mmm .. 

1735 

, 

3322 


1403 


19U 

rara. 


— London & Manchester Group 

— unmade Pk, Ezeiei EX5 IDS 

Z Imntnmt Trot Foirl-j*?* • 

_ Prppenv Fg tit — . — 

_ F“*d 'tterra Fd l;'... 

_ E<*nnFgiii_ 


"Fein — 


Kill Samuel Ufe Assur. LM (z) 
NLA Tower. Addlsecnbe Rfl. CroytMn 


F ra ndlngton Life Insurance LM 
3 London Wan BoHdim, EC2M 5NQ ' 0-6289101 

fSSftgsS^S 9 d : 


Seoatn Fmdtil 
BoUUi Fiatt ut _ 


Confabed Ibsuwcc Co of America 

IS Fairfield Wes, Ugn upon Ttantex in i 
Surrey KT12PX . 01-5467733 

asssjssisst^ 

■— VedProFdmuJjXl 
HaugedProFdUalJnB 


Friends* Protident 
Casth Sirefl, SaKtmy, WWs SPl JSH, 
life Fladc 

■AnwdiMtMdl liei-B 


pRWMy 5*nnA(l 
Pngerry IMOUI. 

' ' Fad UJ. 


0722 336242 


CenmcU Ution Group 

SI Heieax 1 Unhrdwft. Unda* EC3 . 01-2B375OO 

VaAaiMran J 6X59 I ....J — 

vainaliiiy*— I 34M6 I -J - 







tnod» 

m 



lUMLtaffiX » — | 

10X9 

Cam 

tan* Unit TnB F»2L. 
UK&CrtiUWtTnFiMI- 

tnoMdeEpieSesTsi— 

DetU Crider OPlia 

1286 
1182 
LIT 9 
108.9 

1*87 


+1.7J 
-09) 

♦12i 

, +06) 

US 5) +02) 

133 2J 
12 * ^ 

iiin 


:a 

.. +at 

XS*jl +DJi 



WL 

-We raw aara— ra. 

r,-!* 

North Anaion_— 
PmbBMi. 

2u 

P-k+JrSSSS 

m 

Flirt Internet.*. 



14U 



MaaagedSentiAUl 
UanagedSemCIzl 
Managed Uaiuui. 

Hr^i Vleto Fund UJ. 

UmnSranAU) 1177 x 

Monet UiFU l() -g2B2 

CauitvFiiMUl 

Fiiea Inti Fuafl ><). 

■ndeied Sec. Fd U) 

Em pm FraJ U) 

Naum Rmici Feu 

FerEagFiaidlil. 

Snallet Cm.m._, 

Spec Sas Fuadui 
iiinyi Cracy. Fuafli 
Japan Tremrl 

□lain Bead Fuatui 

Praa" nmd Price* 

Prspetty Ace. 

fhflwet) Cat 



..... ... J 21 9.9 

EunwatiFgiti 107.9 

CuOeirjii Folii 148* 

„„ FlnmeFaul 287.9 

MoaevnArTFaCl 

— Canal Grtfftn Fd U> — 

— Eienei ini T« FdT:< — 8596 
— Earocn Ira Norn Until - - 

— Ian* Pet, Faui 122X8 

— Eatrat Pm ttoK Sn>L-i — i- 
Ewm Furd lit Fs:i- UU 

— D*-»i Earn, FflUi 263.4 

— Ei*WBi&tfl0«FgL-i_ 1236 

- Enrol Fie. Fatal 4S86 

— EwnmFTnHnSKUi— - . 

- Detrw Wind Full) — IWM 


Ha 

5787 

1 * 8 * 

1*58 

30X1 

230J 

1202 

2286 

112.7 
1783 
3*6J 
2705 
9116 

10695 

JD3X0 

2SX3 

Z7Sb 

171.7 
32X7 
1531 
Stax 
5096 
pi* r 


■IX 2392 


3 


12X1 
21*2 
11*5 
1526 
-30j 3716 


— M & G Croup 
_ Three Oaatx Tower Hill. EC3R6B0 
_ Arm Band (Acct MT * 

_ larrXttoaUUi — BtaOO 

_ Aner Jail Co fld ■ AtzJ— J11L5 

_ AaflrOaum Bo (Arc) 097 7 

' lA<cOl926 


_ Price e( cap ub and ugd Pro F me cn ranwn. 



+14 

+U 

-Oi 


Continental Ufe Insurance PIC 
6V7(I HWI St Crouton CRD8XN 
EtyatrAcZ Z_Jl589 

144.7] 
3181 

2781 

1552 
3181 
70X2 
681.4 
*047 
2006 



Irag lB UW Ta Att - 
Review 

PmPnaAiE 

PnEaartTAa M73 

F+AMngdPee 384 * 


Pro IralrawAa 



1977 


— GT Management Ltd 

~ BlB FA»r, B OewosJVre 5*, EC2 
_ GT Pro Band Fiol u 

_ CTPmhwvibFim 

_ GTPianFaBiBFBd-., 

_ GT Plan N 4m Find- 
Jjjel “ GT Pto UhAG.E. Fti, 

“ GTPtoWrrowFr- 

GT ProtoaBiaFiL. 
GTPepHgfeVUFe 
DTPWferEeSFa 

01-60)13223 GT Pm n. ape fx , 

— GTPtnUHi GJLFd— J418A 
— GT Pea WsHdaddr FdZTi 
— Pricn hr ' 



01-2832575 
rooa -55 — 

2332 -15 — 

29X1 +25 — 

1606 -05 

3*56 -XC — 

3775 +13 — 

2306 -07 — 

3*2 -2.7 _ 

4106 +X4 - 

Z«i -06 — 

440.7 -3* — 

, 3812) +L5l — 

Uataawy 


MuugedSerC^t. 

G m rat n rrd An - 
CtilflHttMCAp. 
GiarouedSerAec. 
Giuarie+d SrrCip- 

EaittyAtt 

LaayC-, ® 



“ Bartnore Fond Managers LM 

_ SafiMJrd, aolerwrltiM Ig Genwaf Pardollo LMe Ass. 
_ Valley Kte, CrtufcrCK* St. CNKlaaL Hero EJNB BJH. 
- AdnatL 0992 31971, It* (U-0Z3 1+12 
- Sahnawd FuM 124 9 2b5l +D4J 


irawml Sro Cap — 
iMiedSexSwAa — ... . 
Indeud Sets. Ser Cap— 3055 

tod. Srr An. ___|l7x.« 

taiLEerCaa- . 

DaUrgaAcc ^355 

Eianesi Sw Act +74 5 

bMm>Cm==Mn 

Far EMSrr A= B050 

FaEwSaCaa — — PB 2 1 

Uaa Curr Sir Att Jl3b 5 

Mm Can- Sc+ Cap -1237 

ButttlSeeSrrAa 11315 

Burt$.SecS*rCao U»4 


221 

14. ^ 

1292) 

741-jJ 

5150 

1B80) 

16911 

304-fl 

21L4 

io.t] 

isjg 

h51H 

*77 jl 

£1351 

S37M 

Z*7S 
131.7] 
137 jj 
131A 

123. 
Ill 4 
155.7 
1671 
1*22 
129.1 
2S9X 
2621 
£15 H 
1917 
1*37 
130 Jr 
138J 

usn 


_ DepOPtbrafltAtxJ 

_ Eowty Band lAECl 

_ Erair Bud Bonn 

_ EuraKanBaeolAcU.. 

_ Eft-avtaBeiAet) utuu 

_ Fat Eeurm (Mao l*cal JL53 J 
Gilt Band Tflrrl... pJI4 

_ Gnu Bond i«al JS32 

_ Hi9hYwM8oadlAirl._lS75 
_ indn4.Mnl GiBdiAtza Jl2S 6 
f"ieri#8jB8iAcd^.~J<Il.l 
_ loteftn inc Bo«JlA=y_ 1305 
Japan Bcnifl la«) „ — [225,9 
JjmnSpalierColUuJlSil 
_ UaBaraflBaMi4cU_JC«S7 

Proem* Bonn iatti„ )tBlS 

Retwerj BariiAcJ— Jj7*3 
Smllim Gift Band __jI 050 
_ Pim+n FatnU 

_ {Jiroodicjoi |3WB 

Araet Kin (Aal — 

_ Binttro Soe iCaw 

_ gwidtogSaciActJ 
_ DeotmiiLoJ 

_ OiwuifAtt), , 

_ funwranipaJ _7TlF 1 

_ EinseidtAaJ 0.92.0 

_ EltoflytCdiU ft 272 

_ Em* iacc) isea.4 

Giu Itipi QSL1 

eta iflrri mo * 

Grid 'dpi- 1 1076 

_ GatdiArrl llWU 

_ Indei 4.IHMICIDI. 

IWm Lnao&ir; UUXJ . 

_ Meraitlwiil iCdd< ZiTlOO 

_ Inurnjojonii iaccI— )U36 

_ IntmlneiCul | UK fl 

_ idttotiActi -JM7B 

_ Jean -Cm 1 pi 

J»d»ni*tti___-™B099 

_ NUM6HICJ0I— 13180 


3126 
£73 J 

116.7 

207.7 
2022 
2346 

724.7 
3081 
193.1 
nfn : 
1X1 X 
282X 
lbl_C 
2705 
132X 
*315 
137 4 
2372 
1629 
5205 
301.4 
39JJ 
ZlOjf 

3235) 
4Sl3 
993 
130J 
162 Jl 

*ra? 

6184 

2x30 

mi! 

1580 

990 

13X2 

m 

\}g 

as 

334 0 


29X9 
•03 — 

J .9 — 


33 m - 


01-62f>4589 

-L7) 

- 5 q — 


-id 
-ag 45 i 
- 

-73 

♦ol 

ill : 


+ 02 ) — 
+ou — 


4 - 




-L9I — 

CbbM. eo nest Page 


250 






32 


Financial Thursday May 14 1987 


FT UNIT TRUST INFORMATION SERVICE 


K & G fimiin fnrtil 

Mmwdwci JMJ.8 

SUP Fuac itral 312-2 

aapFumnaeti +35fl 

,__cy*6 

Pxrf* ll«J J3fe2.« 

P- w en y iCmi — I13ZJZ 

PtobCO lAecl Wi 

RMTOx+ilCjei pOt -1 

J281 7 

Ut loco™ ltd) - — |l 1 T-0 


UGH Assurance 
MQM Hcuh. HHW Ri WdrtrtftJ 
UKim- 


HatioMi Mutual of Australasia 
SrrWMine Hfl, Poole, Dorw 



Pro* Went Ufa Assoc Ltd 
nmmnw Pnjvumwsg. Baj«*s»»erea2Fz oast<7C70T 
7 j *41 932J -C.1 — 

Jj02 220.7 -2l — 

H37a i«* 7 “OJ — 

«i 1SSJ -0J - 

IA63 15J-* — 

UT.« *02 - 

box - 

.980 207'* -Ul — 


Fiord l*H« Fd 

PrsjmrwFnrt.* __ 

Irtex-Vjrt id Fwa. ; jai 

DaastPuU-- . . 

Pm.Miad(OnuFd 

Pro vide at Mutual Ufa Asst. Ashl 
widen Ret HhddR, Herts SG4 DLP . WS8 


Bajaf Marfan Ufa Assort— Caatd. 

1*2.71 

Asoan lac Porttoio— 026.7 
imwi u*t— bi23 
HU «« PattaB-ZgalO 

NlC*vj4 3oaa — Jim 

Scum ram Man j 

CMCwedBad 1*81 

ffinunoo jl*2A 

suae i 


Do team. 

SorCUl SUUUm. 

Da Aeon'.. 


Notional Provident Institution 
aBCracertmnSV London EC3P3HH _ 
HaugrO 305.71 

Uk Earner. J»2 

Ok nett»- 

Anenas- 



~ «JO BKtfOW 

iironjm 

“ EmajOn _ 

_ Eautf* wt _ _ . 

Iran Lawn W t Ord.___ 

Met LMM Ml i an _g073 
Orrrvas Parity to - 

Ov+rrtn EWO imt 

rnonrlM.- 

ku3 


— FiMO interest Inc [1303 


rn +l 


min rata 

Ponton Eoaly fc*69 

Do tar gW -P 

Prm.Scnc.Stiv BST7J 

Do. Aeon— 12753 

Pm Norm Amcrian I860 

Do. Accuii J2SJ> 

Pm Radik Bam IK* -5 

DO. ACC*™- W?* 


Pension Fiatf Prises 
Htafnuu.. 


.. . oral.* i 

BroraGrawta Fa. Arc — J— 

Manufacturers Life Insurance Co 

St George's way, Sieverage __ , C 

niaw *50*1 


Mas tee. 

UK Ea- IMU* 

3*5.9 

OwrMM Ea. IMUM 


Ameren lamal 

253.1 

r^EaK'«t2fti 

4713 





FUmlnt iiMUal 


UMenO GAI Inttuu 

InOrvtdGlB 

1090 

Oraort 

IniVl 


31BJ 

*0*.* 

590* 

037* 
1*31 
203.7 
24JJ 
Ilf J 
135* 
1*0J 


tiaji 


Drooxtlta. 

Radio rood* 

Mrouwoora — 


Pm iMOMCitUM. 
Pei’MUaGA Inc 

OvenertEauKyM. 

Overseas Eawty in#. 1 

PWiftM-. __ |l«7.? 

Prooertywt 

Fhed UU*kkOrL- 
Fi «m tens iml- 
Deport 0K- 






larsL Mwg Servos 12*7 

P.W. m. *Ws*s ___ ufl£ 

Hamm* lm. Mpcl L22.4 

TO* l*»anrtnrd 1090 

BMk Prate PartfaBa KEJ 


- Cdhond. 

— Started CJD Hoed . 


eoM^BSWlfu^—Wi 

UWnMwUaFv. M3 

RmdtHr ire A UP 1033 

CheftealnRcn >1* 


Den* &rortncr Mag . 

GUfAuugidFiM — 
PEP lacPoH. 


pa j 


We ar" i Cra-rirTung— 113*3 
S«mffra F «w CM. rp-n a 
Stey A C* ro Fa. 

Y1U PordMia. , 

Pn«e ParteSa Fj. ... J107.* 
Four n Imtrmtfuel .. . p «Pl 
jrmaPmqCcnFd. 

THeTunri intriFd- 

Griffis Fia Sen 

WarwFma. 

UIFtc-Senv. 

I.UM0 

.PIP- 


Provincial Ufa Assurance Co LtHi) 
awnsw KendaB, ^S! $ H 033933733 


Plosion Fuad Prices 

WaammiDii 

0c. aeam. 


UansmFma — 

Pnea Mq 1 Hen MM Jn L 

Hamldi Union Asset Management Ud 

P0 Ed 124, Narwkb MR1 US DMO 66 

NIMM Fcadt 

UsuonlFim 1552 

Soo PuneMaWFuri. 

EoMyttmu 

Inm 


Da Accurt — 

Eamylnn 

Detam 

aa-Emmmr 


inmMioiui inn.. 



_ Poo he Fond 



CrnwriWeSfinn-. 

A m riton lacofcc. 

GlllFmdS. 


Merchant Investors Assurance 
Leon Hoose, 233 Hioti St, Crajtfcn 


Piooertr Prnv. 
Eoimr -- 
EartT 


HaoarlSrtH 

Mann M*L Pm. 

Doom 


MuuccoPmv. 


l Ml lluasw- 


NorK Ararncaa 

Do Pm. — ___ 
Far C* 

Da Pe 

Intal Cimn. 

Do Pm 

Mti IMM 

SSCUuaqmFa 

SVC Pra HrxfSM 

TmtSak LMa Fmtfl 
Prr WvtMtdr Bat — 
Per For Ean SroaPi — 
Par HA Croiartti 


295J 

3803 

U1A 

stai 

319.9 

569.9 
23*2 
J7D5 
275-7 
SZ3A 

126.7 
514 0 
2992 
*38J 
1212 
1X2 

2891 

*232 

175.4 

2jan 

134.7 
1390 
1U6 


HUAM Retirement 

MUedFma 

UK OMmrr S*m._. 

liainuuoM Fond _ 

Presenj Fma — Pll 

Fixed <mtm Fwd -p)2 

imet Linked See Fma 3*76 

DaxnaFxna SU S** - 

MIAM IMF) ^ 

MjnavrdFiua &*9.7 7B93 +■ 

C~r. F.-d h *J 7-1 L6912 +! 

p£c£l, Fum~ — pill 33* +t 

Fiied Iwm Fuad. uflLd «E-t *] 

_ 2 a hi 

,133.9 1*U -< 

SOS 

Norwich Union LHe I n s uran ce Sac. 
PO Boo 4. Nonaidi HS1 3NG 0603 622200 

PemlaniaiBr* t mm-ijpXeJ ‘ 

_ Sj3 


Tdo a 


— Drooyi Pam *cs. 

— Praontr Pe*t. «o — U??.9 

— Rom Pm. Ate. JZ89A 

EmayPmAec JW9 

— Intemiuoai P*ts«£_pfl02 

Hip In Pms *ce__527 J 

— TreaPemA^r. I l 75-1 

— HArnncjaPcmAcE QwU 

— Fu-UaemPemtol 

— Spro* 5 at Pur. 

— Eetra MWW Pan Fd OTU 

— C*mank S Cot Pm -Jl*TJ 

— Asrrica* in Pm. 
E«mwPm_ 

— eraser Food* 


K a po M near Ca». Fd —I 

OnMiCmFi. 

SacetCHMoiFd 
UnuilinM Fd. 


Soeccer Hte MCD Fd_ 

HABCoMUtnA 

SooMra Cawties Mad , 
Saadi Coant Eieerpmc . 
CFMMmiBca Mai Fd 
HenuaeUnadBand. 
PrmaSmMradFa- 


13.9 


193 

323 

ns 

iioj 

no*.* 

1216 


i_3sa* 

[1872 


Wg 


LU 


Royal Ufa Ins 

New HaD Place, Uitrpoot L693H5 0512274*22 

BoM MridW. . fc. 15 4 *5131 «**j _ 

tom lit |BK liquid »*■— aalLM, . 


”1 _ EmvFc 




— MrVuin IBaidPmd- 

— Acorn Mi 

— Portlcta.. 

— AlhmOaMeMmdF 

— Brim Poser Mngd.Fdi 

Atom Ha use u 


.1513 
1394 
USA 

120.9 

Bow Hdnl l6H*fM_)U60 


FTamidteraaFi 

laar-leAM Sn Fmfl _ti3S3 

ora— rrHnreHdM HlB 

ImrraatMSl Fans 

Property Pee 

DesodtFdM 

uumrmd 


279.71 „ 

1*2.4 *Ul 

5WJ ♦£*! 

5J 142* +E3 

DWl 1674 *53 

mi +53 

338* «U| 

vn* i 


I Iml Fd Acc. 

Eamm GiU Fd Ace .. 

EamliaiyFitaJMU 

Royal Liver Asm (Ufa & Pensions) 

Pny*J Lher Bulldln% Lnemoot, 13 1MT, 05X2361451 

UKEorty 1*73 90X1 1 — 

UedsiEadfy 
Hnprwd— 
lid Eadty— 

Find 


Per Eiiweaa Grawtfe — I 
RoAracriaAlCca. 
FnCjoUr 


OAR Sued*! SHU 
CAR SraJler Cdi - 
OAR A*nniU«_ 

HEN M amra 

HEhUhOioxati- 
HENUK incone _ 


Pearl Assuranca tUatt Funds) Ltd 
2S2 Htq# HoUmo. U*n3<s WC1V 7EB 01-4058441 
Proa Din. (Srauile! — 1383 1*5-*) -- — 

Proa ACC (Onra) 111 „ 2170 SBA 

EnKtrlCrdDlCl) 7073 7*53) +12X 

Mmxoal iGravu tz) 184.7 5103 *5.4 

Proa la l Neil ixi — UKU 1653 

EaunrlNtUUI 1523 lMLfa) *23 

MjMamOMidl 1*08 1*82 *07 

Immortal InrU n% n 1382 

Pearl tamn (IMt LMcd Pern) LM 
R« Maa IDmn II U> — ISi 
Ret Mu (Sarlcs 0W~ 15*3 

Ret Cash 13 I ZEul 

Phoeniz Assurance Co Ltd 
Pbomh Houk. RcdcBff HID. Brinol 

vrauM toeTll— — {*174 


— Hr Cum* I tm an a OB v erica r*y 

— Pnidntal Assurance Co 

— Htdbora Bars, London EQN 2NH 01-4059222 

— Prufuad 

” Mnnged May 13 tiOA7 2X7.4 +J.71 - 

~ P rude nt i ai Pensions United 

HoHrem Bars London EC IN 2NH 02-4059222 

DunriyHarb D2938 131J 


J*73 


— J — BNliWFd- 


Save A Prosper Snap (z) 

JBWeaeTd M, RoaM RM13LB 


_ FlndtinMayk 

_ (adMUdMIhr*- 


GiofaN Eawty Fd . 
Prooerir Fd. 


m rJ - 

Mxiitltl Fd Mu 13 — -0364 3*4*1 *7x1 — 

CMfara Mdyl3 ..TZBbZll l*OS *o3 — 


“ EyrFh. 


_ UK EaiAyAcc.. 


U73I — I — Pern Id Fd May 22 
Pam Fad Vhyl3_ 

•Bn**™ psar«a?i 

si ra = 



MM ltd Pare Fd_ 
dal Ea Pm Pi. 
MaBPraFd___ 
Pme Pern Fd__ 
LLWFl 


— Swln»Fuad_ 
M*r SkwPasFtwd 


°35T“ 


la] hen v 


Cm* Fd Upy 13. 

Regency Ufe Assurance Co lid 

55-57 Hlcft HohMO I 
AejrtmMPUUoFd. 

BNIced PtfPq Fd. 

CMMtaPtRloFd. 

ElneFuM 

EniwiFaa. 

Far Lml Fand_ 

Ried Most Fu 


HENCarapd . 

MEN Prime Ret Preo — 


St 


Amer. 6 tot Acc. _ 

CacMJl TiLRce. 

JiaaACawAcc 

American twn. Ace. 


IV 600. 

IW19 

12U 

073 

3337 

117-2 

13J 

1*0 

12*: 

0*0 

1309 

1093 

137.7 

MSJ 

OBJ, 

1580 

UO-4 

2363 

297.1 

1673 

UhJ 

«K6 

J9SJ 

76 

426.) 

4161 

102.9 

n 

3p 

S*s 


40 U. 


Scottish Antlcahle 

_ ISOM Vincent SLCHpow 

^ IS, 

— Imcnfl 

z at 

— IMra Ulad CIV . 

— Manned 

— EjorootEa.it*-.. 


— US t General Act. 


Si5 


FID Mil Spec SKs. 

Municipal LHe Assorance lid 

1 Ses>m Hw MaMUmr UE14 ux 
latdd Eouny 


j-teeSta»CC 904 

III r—TOt krr , [taiA 

a Xcc. 


0622690B55 16Cta6rft( 

-i0( — Maraud Find. 


-OS — Moray fm 

— Pm-MnadFd 


Pioneer Mutual Insurance Co Ltd 

N. WaleriOa. LKerpoei , 051-92S6655 

MiPtmUcACiF .4 «9*j *6^ — ^nd'i 



M - 



Recaro Muatmd- 
Aaatm EBiaoeaa- 
AccumFlraSUr. 


Pern FT30 Fd iwnl . 

Pra FT30 Fd lACCi. 

PCM ffarat MsFdl ItSU- 
Peracrim M«FdCAal Jnx 

Pm F«d lm Pd (MU 007.1 

Pm F«B ltd FdiAx) 03*9 

Pm Dnout Fd imu (989 

Pm Deoovt Fd IRcd. 

Preatfan Life Assurance Co Ltd 

ElOMn Htase. I 


■aarst. 

(ICC Lhxt} Bono- 

iron Sri. i m. I 


Reliance Mutual 

MW Horae, Ti rt ridBeMMK Keel 0692510033 

DCAOUt Acc Fa 1093 115X1 ..._) — 

EUtyAKFd 2tZ4 Z7fcJ — 

Manned 4cC Fd Z33A 2*5 M _Il — 

Ptop FdlU UaMl *306 J ,_J — 

PrnpSecFd Qnd bsj 1*74 1HL3 I — 

UnKTnal Mr. Fa _J953 lOGji _ .1 — 

H Perata d fad 


fzsl 


Scottish EquHaMc Ute 
2B Si Airaew Sn EAdpr#^ 


a a. . 
lot Ace. 


I _ Pacfflc. 


— GlliadiLIAcB. 


Royal Heritage Ufe ABurauce Ltd 

20 Clifton St, EC2A4HX 01-93) 

Mdtl Graft __ 

M dll Graft “A- 


— Buddloj S«C. Fd. 


Pa*. It*. Eowty WL5 

Pern, iidv Maaaved U**0 

i«J — — P57J 

Propxny 0200 


PeB.Fl* 

Pm. MV Mi 
Pmlaiv Euraoei 
Pan. lall Ft* 3Ur 
PrcvliK. 

Pea lira Wand lav 
Pa*.'tatEirara Mta 

Ptnv Acc. EoUri 


Pr* AcaPnscny B313 

Pm ta. MUM B7T-5 

FrataCiirmB—JUU 

Pm Ac* Fiw SBr 0*80 

Ptm A= Aar— caa . „ 310*3 
Pen 4 k World i rant 1133 

Pmlaw Cirri Ml* — 19611 

NEL Britannia Asset Co : 

Shlun Court, DoriJnft Sariry 

CHUIGraata W?3 

t. 035.7 


Si 


z 


— UK Eta 







BUldkg Sac. Fd. . 


17*3 

- 13711 

- 17711 
I960 
12*11 


0306667766 


(Etpdty- 



m* 

Z28Z3 



Manageo 


Deport——— 
Gartaare Start 

1S93 

Ganmar Pacts* 




FroS^etfcS^ 

1501 

OupMUriraro Ewa — 
Cw Capital Pea Fo 

§2 

BTL Peavoas Part 

Beckm Penga Frtd - 
Alroa Piauan Fwa— — 

ssesns^z 

1*7.4 

H0.7 

gs* 

Si4fa4Cia.Pai.FA — 
Soeauer Hone Pm Fd J 



Cfct 2S| 


MW 
11493 
Utxi 
2091 
107 i 

29 30 


Scottish Ufa l awit nwa ti 

19 Si AnRvta Soore. I 

0205 
P19 J> 





_ Pension i 


— Para-Ftaadt* 0*5. 

— Pm laora Laaod 017.' 

“ Pm Draw* hni 

Pens H -fl99< 



ZJ - EwH>- 


Atuan Uatnnn bam JU4X 

CraoCtotmriFJ 165.9 

Mawddrt 1U6 

CTP worttnrMr Mfld— .. 1075 
TLU lall Periomuace— Mfl 
JareMts Geo FtroO — . — A233 

NEL Pensions Ud 

Milton Coon. DorVlnf, Surrey 


Property Equity & life Ass. Co 

Bauer Are. Southern! SS26QH 

IMMn Person Fd — 

lta.Maa.CmcT-Bd.FA. . 

FlnRMPrap Bd-FA. 

Flat a* Hotter B*,Fd.. 

Sptclal Mart Inc. F4.._ 

Property Growth Aaw Co Ud 
Leon Howe. Crajdda CR9 ILL) 


tend SS26QH ^ 0702303433 

i-d^’i2«u ,w 1 :::: z 

Xd M :::: = 

4..ZJ 1364 I .... - 


Gartaure Patdflc _ 

HeodenoaAet = 

PmttuHMM _iU7 « 

P e wp u m. 


0306 687766 Praoarar Frad I At . 


HIM Bril UnyO PiaM _ 

Da Accwi 

Royal TaMgd yfauo — 

1107 

115.7 

Hr+aarMa Magd P'laOo. 

DoAcum 

P riorum Mngd PToRb.. 

U2J 

Gartriort Mnya Fwd — 
Do Ascam._ 

11) VJ 
105 9 

Bo. Atom — 

MIMBnlCKfKtMaga.' 

1130 

1187 


1025 


1162 

12U 

UOl 

Uf3 

1352 

139J 

1104 

115.7 

1064 

UL! 

1213 

1273 

1194 

124.9 

1DJ.1 

107.91 


MlM Bri'. EaMAlB Fd.) 

DO i 

Nftn Ea i_ . 

Da 4tcum 

NfJm CUieF.i. Caa f 

ft. tuora 

Hein Gin ■« Can- 

Da Actum 

Naira Manyrd Ca 

Dcttawn 

Nate. Deooth Can. . 

Da Attorn 112*6 

Nrira l*FoLlnL Cl — J6J.J 

Dt.*ceuro — J97X 

MH indent. -S«cv Gar — HS3 

Da Accian 

MM MaraM __ M 
Ai(Gi°drr ScaaftouK OJ9B.* 

Da Accra.—— hfl-9 

NM Schroder LHe Assurance Ltd 


AoricFana IA1 

RBMr Nov Fuad 

dbtvy NM. FUtAI— 
laKHtnantFand.. 


— Court) Fonts rju _ 

— Miry Fid 

_ Money FaratAI — 

— Attuanai Fuad 

— GRt-EdtM F«nd _ 

— GBl-Edoed Fd. (A) . 

— Reura Annidty 

_ limed. ABori 

— IriemanqaaJFd 

— Ok*. 2 k. ufe Fd 1 

Pt u p arli Br* 

— AUUTifeerdc. 

— la. Fd. un. 

— PeoianFAUtv. 

— C«n*.Pt*.Fd, 

— Cm. Pa. Can. IN. 

— MotLPfltV Fd -i 

— Mott Pm.Can.lft 

— Prop Pm. Fd. — ^-1 


GttjPera. 

Gets Pm Fd Cap. . 

Forty Prnv Fa 

Forty Pra fo.ci_ 

|«L Pent, r 


291* 


2SU5 
2723 
3793 
26 L* 
26L* 
«T34 
219B 
*056 
1*03 


01-6600606 


Scottish Hotnri Investroarts 

109 St VI Kan St, Clanaw 

Safety Few 

OrotatfcFiaW 


16321 


06 DpaatdifMar Em— — H73 97 

— For Pima* ow Uaw pieoar sg t 


lamia — 

EJKtrii 
Courtr 



IFnu. 


— USSratrCva. 


5«nallerCw. 
UK* Erarqr. 
World TrdL. 


1034) 

10*11 


lea. Pen. Fd. Caa. 

Proridence CupHol Ufe Assc. Cu Ltd 

yOUibritwtRd. London W128PG . 01-7499111 




Emoean-..- 

Far Eadrro Growl# . — J3«3 
Rifdt 

GoU 

IKMH Aetna 


RnataKjai Prounty — 3^4 
Srovmre G UaUnian 41*94 
SmUterConecMi. 

Tiro 25.437. 

UKEouty- 


Fa Eartrtn Gevtvn Paa 

Rod latrrcn Prauoa — 0*3.0 
GBBal Maori Ptnstoi . 
CRMFusi-. f _ mA 

lacoroa Act Pa-awn P7H * 

laumnioa Parowo— 

Japan SnutrCdt Pm — 
Uaaaoad Peniwi __ 

R ro ra rt y Fmim— 

BeiMinii Prop Pm - 
SFOWnLUWf Pro- 
5nw wr Cot Petaion 
Special {j 
M ' 


2850) 


0705827733 


127.9 


m m 


D8U 


3733 

_0BZ3 

-E6L2 


ufJEs 

_fl86B 


ikl3 

Z*5*Bj 

m3 

1964) 

3«3| 

as3 


EOT** lornai 


Flvoiaromro inrt*i — 


mu Inual 


HroroyfOrouai 

UU 

PraOerir IrillAl 

Da. Aram 

1A6I 

O+Aacwi 

Saacuf tav**t irtUi — 

W 

taua imati 


Norm American IMUal _ 

1006 

Pionc Intuit-—— 

w* 


a 5 



JaMaGriMOUrtlM 

Do Acirob 

2143 



Residnud Prop Ino — 

Sotii Erauoi imc 

00.000*1 

102J 

e* 

UK Migli InEadtyloK — 

*7.9 

SL7 


217.91 


173* 


uk EiloRwa. , 

UK StrorirrGnvFrad 

Pen safety taf 

Pem Grnrtb Fnd — 
ParaOcnsnattyFnd 

PawHaldazFad 

Peas Cats Fort , 

FwE aia alt r U— ] 

Peat GrtvFiri ltd Fori ( 

tasliriaedhrited F«U- 


J 1073 
J1933 
) 1213 
1063 
lAin 
tyyn 
2SJ 
1IT7.9 
1*63 

106.4 

1*2.9 

1*95 

1513 

111.9 


PmProwrtrFid^^ 

__ PmUKEafcFnd 

_ PmUKWrtoifidZ 


uS 

Si 

1608 

1413 

2154 

106J 

MB 

1774 


Scottish Provident lustitutim 

6 St Anfctm Sn, EdMorvh 


FroTOer Martcts. 
bat find ia_ 
GMUStrt9>. 

GctoSkarTL— 
HodaariAnerfci. 
MMil 




Pens-Proptrty Fat . 

OaOrfl. 

PTO.Flcedfta.ML. 

Daflrd. 

FTO.lacirwtta.lroL 
DaDnV. 



zM -a - 


Scottish Widows' Croup 

PO Bax 402, EiU«awrW,EH165BU ^ 031 -655 6000 

traPTO 1 AcatlXC. 
lav Pol 2 AKI 24. 
lav Foi 3 Arofl 24 . 


101.9 


107 Js 



1193 

1372 

• 0.1 

1153 

Ui< 

124A 

U2J 

120.9 

117 a 



— Fits armed 


Few.EetrtyFd.W_ SU 

FTOPno.Fd.Oro 171-7 

Pm.lK.Fd.Ord 137.4 

haFroUNM- 2614 

PTOltafOLFdOM. 1203 

Ms. Cart Fd. Old. [754 

PM Ml 830378 DATS4 

PM SI Ex B30B9 il5*0.9 


- 


UA^Mty Pertsm —0186 ___ - 

Pncrv vile Sarta 4 dec Peroloa Sana C As Hay U 

National Mutual Life 

5 Sow CBuRtiyard. London EC4M90H . 01-2361566 


Braiier Food , . 
TmteroaiMngd Fd a«.^BX 
Mbt PatFutntaoca - 


-03) — Erotnean-. 

?! Z STE sr 




Z ShWd 


Ltd 


ManapedFDari 



5*05 
3173 

Fro KtiugM. 

Ptm- Un.E»*r._^»«.' 
Pm Attrioai Erorty _gO-l 
Pro Prop* nr. 


Pm FiiHInuroK 1163-? 

Pm Iroei L.nlrA. 

PtoDvboM- 

PAP.uk Em . 

P R P Owneta £ia»..|10JJ 
P.AP. Fl.ed latwatt — 1102 

PR P Pngcrar) C 

P.R.P Epdra LitWeA.— . 
PBP.DepBB— — 

P R P Masawd . - 

PAP waft PTOtw— H6.9 


tdiaged Act- . 

— ProMfty* 

— MooeyAA 

— Special Him J 

— NcrrtMeHm4cc~JU99 


m3 

1B1| 

SI 


Ealra I 

General - 


•4.21 — FadiKAcc. 


— rmeiMia 

— FutroaKonrooHiAcc. 

— JjAaaGrtMtftAtc 

— Etawwaa Acc. 

— Ratlocmlal Pier acc 11035 

— SanwERMlrsAce — 

— Mao Kona dec 

— UKM>#lKE4ata- 

— Broker Fiaid 

— TarariWI MM PtrtaJHX 

— Group Pear Inn fart , 

— EtoatvAee J6*63 

— Freed imirxttAa— ..)*0*5 


_ GWdFrroniatartK il 


MM OtwIdv Wl —_U57.9 
UFC 5wtu»*er r • • : 

BTLPor-jgiai B*3.7 

Mrouarianu. 1372 

(Mooter IMP 038JJ 


*0 UxtrICBe Rd, W5 ZBS. 04670700 

Z S3 “ z 


r SkandbUfc 


72.91 -05) — 



SoMu Ufa Frads 
Mamra F*. 

fc2j 


EgutyFd 



GftPhlM. 

19L9 

PrWftyPo. 

1M.7 


NariA America* Fd. — 

NrotbEamaraFA 

l*V Rrcnery Fd- 

PKk Frt 

12*0 

m 

195.9 



Co Ltd U) 

070333*413 


i FidcRty I 


CAilrtSuroey 

Bnwron — 

Smaia t*ra cgf .[ua* 

Vmu May. HIF__il*44 

AJOraGrmttt flftOB 

Oo. (K. ASOS 


Anertm Earoty Ik 1002 

Arrarvi Special SKa— W 

Aaarolx —41264 

Em 


1074 -0J 
1014 HU 
1073 oBj 


— funatl 

— Far Eud I" 


Sondii Lift Assor— CuuU. 

sa Aasseiedss 

C-aUrri w ’" 48 

Jam V7* B 

Japan Sow>ai Sos. ..jtl93 
Maraved iroerroiM —1CU 
Hawaxa Inemt EdMvJUSJ 

SmsEasA-ta .—1539 

SoetuoSai 1293 


1215 

uui 

is.t; 


Thrget life Anumse Co. UtL 


J*5L7 


Mwsh FhaocW Mfmigerotut Uti 
S* Vale Air. Tmtbridgv WcBi TN11U, 0892^X9616 
Ml* WUI Fata —3307 }S| 

llarro l|U£l PevttFri_l4T.9 lX±£ 


— Miaoea . 


.1157 


— a m rr>c i goGtarrol_*P(4. 


— I — lad Snort. 


- Amend — 9 *3 

- Hedged Aaron 3332 

— AasUakan ;1340 

— I — 9nm* J56-3 


— RKdlrtarost 

— Fiaroni Mubin Ml 

— GMll 162-7 

— COM Sftare 3139 



aura, KMCI Pew n _}*T.9 1S^‘ 

Mar* tTarar.! fwdZ4»l-9 1«V 

Mwea ITatpHl N* « j 75D Bfth 

MWiSUSVOrriFwW 3U47 l»4l 

Nofate Lowndes & Partem UG 
PO Bo 144. Croydon 


•as - 

01-6062466 


— Sotbai StiMUm 





MatroarttiraaK*- — . 

Erouoeaa Spk. Iol _ 

Stcriroe -ZZthJ 

Rnodproro Prcoeny, 

Pau rti Fart 


— pu eta me. vrtip , _ZZT 

: iSSeLtSSiQI Si - 

Z The tionutaltw &««P 

= f$S?£= i!23 i» s 


■rti - 


— Manroed Pritptat il*272 

- Oft Pol-. JMU 

“ Ptnoerty ™*I ES7£ 



— ladfwra I 

“ Japan 

— OiandEa 


— J — Eien'Bemr. 


3912 

UKSnoACa Rtcororr— =002 
Maaaaed- . 1*92 

Skimfe KeaSamn Fuads 

ytcwiV tHVrar Wfl 

O ac Bro i ) 3735 

Bra* Briitsr. _1070 


laconeroMAarti — 
Incrona m Graraa. 
Kirotla 


xax 

Stdi 

1783 


— Property 

— EroKyFt — 

uan-LFUa. 


1 raottri an tar AceanbriaBM oroa 
TiMhets* Auuraoce C ompa ny Ltd 
12 OmstrirordiHi B-mouft BH13LW . 02025 
HaraurtFrad 

SarTaediatFa- 

IK3T 

Transxtttutlc Ufe Assam Cu Ltd 
B Nra Rd. OattUBv Kera Hems, 812548 

laptF Utero — _ Ki t an llflfl ...I — 

Trident Ufe Assurance Ca Ltd 

0452 500500 


RUwScWMK 5l46 

MS»=r-te i 
aSfETzr :-JS A 

CNsfioran ft CofCauutiywlde 

tt>41. Broadway, PewrtCrflL«S, PEliW 07534*8» 

if anaged Fd J124A X5U» I - 

PBR Fund Mumas**** LtA - _ 

146a Oww vidorla Sl EC« SAP _. K-2X> 

W aro^w BTO-.'i^USS 

S3Se=J BB 

The Perehester Group „ .. . 

91 wlmnTOe Street. Loudon W1M 7DA Ot -*9J WO 

Prat barter Hatayrt Fort 

JSffiftzzzi^flwi SI 

mJ 

Sdaariarlll— 

SUM (»».— 

tmu.- 

Tndtat t»— 


Srtdi* Wu MI tiw e nt Ud 

SPO 80* "W9 *2,,- MW -W 3D 

Bridge ShWPhfe **«* LW 

^ *»■ 

Brown S«jd*y Fu ad M gal <C0 ^ „ 

KV tfSiR 

BsmrticM WWWW» «• LW _a_ 5 .,|, 
PO So* W, l***^**™??.^ r^ W j - 

sss^Sfi^s sa J - 

BbCBavs lac Act »T» W 


CAL lnftstaHWt* llu*) 


p . QZ-364079 


55 XI 


0K4ZQ81 


%% z 


.‘1862 

Ml- Ca Dnror .109 * 

P ieJn ec c eroMGd l - ^711 
CdtTnBL. 


J2902 

GArtu Rtwroen T« il*i 7 

Omul HeiiAvpr ;14L8 

Glooa] tKAGroraft_3267 

GWal Tt rtB Q Aidi 1113 

liccrojtrortl 1535 


— Hon* Kara 


T27* 

2113 

Jaw SorOTO So J2C2J3 

PaoAeSmieeCa.. 1553 

»wroe aca uroays — B*5 

MoriS AwentAT 1105 

Aotenon SraaUrt Co 11094 

Ata*r«*B Rtovt«7 .12*2 

Fritnr teMrwal--ZZ 995 

.1626 




1631 GewfoShtrt, P«9jA6 

ate “‘w;ai -o»wi.«Fy 

CRC Asset Mmifcmant LbnltRd ^ 
POWt2M,5slMfrl^G«2«7 IW2K6- 

ssrasra -a i - 

Capital latwnxtinmi 

as ffiswjrta i.i- 

Cater ABen tnvestnwrf “f**#*"*? 

ITS 


Infill U4l*rtJPJOM6 

i2S :k3 Z 


07S3 86824* 


139^ 

100 3 ♦i 

i si ul 


Tnahrhlffe Welts Egufahht 
Abbey Court, TnritridgcWefb 


069241466 


SnurrCotnoroan. 
totralHietlac 


Zh*92 


oH 111*3 

ei. Lamar Marti-- r|«9 

mV Hop lacotra IU76 

rtpeerj Surest 2303 

WvenalErarae 774 


_ IVS. SrsaH Co. 

AaErUtan Groart. 
EsttwePeri- 




> SC, ZZjwS *88.1 


For Tyndall Asswanci/Fcnsim dee Acta Ufe 
UK Ufe Assorance Co Ltd 
LaugNamHwlMntiedk0gHW4. _ Q1-2CB52U 

Ҥl 


Hbi aitil by PoKhaocr Secratm UmiRd 

UMrodnM^^^m£»KnB33CR 021-236 3B01 

JTEKfcJfe ' * “ 

Tnwry Law ft Co 

57 Hign St, WMdioe, SU1LX 

Aaron VJe -- - I — 

Otncal A MtTOcaMiJ— . 11*.* 

Gaardrtn Royal Ek* 1C5 

MAC ABOtHI 1233 

MAG Asa IPfOS) tail 

N. H. SearaOtr — IK J 

R.M SCWOrteFTO. — 106.* 

Nortate* Oooa Ant Mat. J7 7 
ftayar LMe UmLrtA»>- JUS.* 

Scot Eamutaa <Ut) — JIM 6 
Scan Eaooaroer Petal .Jlt^y 
Sen MrouM tidal —13*7.9 

Sen. HrouN tPenrt7Zi53 B 
VMbug* Life Aa 16F* -C2ZJ 

Ualvervtty Medical General Ltd. 

29 GtGrarptSv Brins! BS150T 027227695* 

TiMFdtto.l(5xaaroai.>U13 117 Ja . > — 

i. B. Ward ft Co Ltd 

55 LlKTOn-i In* FieWv WC2A 3tX 01-2*2 2^63 

Tj>0et Uaqd Bond E034 21* 

Taaei Hagd PraHt — 0363 1*3 

AaaayMagdBDao— Jlb92 178. 

Albany Mngd Peram lZ!l 9 235- 

Yorlcshlre ft Lancashire Investment Mgt. 

2 Parson Line Cmheroe, B872JN . B2002B066 

Gmart A inoaar (RHi _ 1870 196.91 *JDj — 

Kara Bond (Roy. Hi 15B5 166.3 +59 — 

naOTOe MaroyeO iHwO 1R4 I61.H -»3.7t — 

GAdW Haw ed (Sclv.l. 1576 165-9 *35^ - 

Sewn ‘Scot Mauall-LU3 11731 6351 - 

PTOn* FMM ltey.lt) J— 029.1 135. 


ttrrKtra.ionawi- Ol-Iagaom 

i&jjI J 0*2 


1*1J 
12a a 


Charterttwt s e Bank 

1 Pateraoner Proa. London E£« 

CewnwFM' 

CwiGMMI 

?s 

0957 ' 

4* IB 

17100 
42.13 
2162 
HUJffl 

l£“» {-S! 


Srra»Fr*KS 

FrFraacL. -J 

DpteuCaddm : 

eori - 

Japanese Vrt 


SlemasBead 

laip t a i roui Bond ... - 

Waaern Curreray — -SI 32 
Cbartarbwno Ip f eroi ri a n a t lut--.- - 

(iw-1 1 t«n? 



satriMt 


ION 


•DOT 

•032 


31* 
1 ra 
7 1b 
392 

IX 

15* 


I A« 

-4011 T» 

-O dll 82* 
LM 

99* 

1 531 

J "* 

j 3W 
*°«1 15 
1) 5*1 

912 


♦Dfllj 


Citibank (CO Ltd "CWfunds” 
Green Street, St Heiler, Jersey. Cl 

■ BID* 
1794*63 
7289 
21561 
13528 
15692 


223.883 
. 9W 
10942 


0934 7005* 


»ea 

surttra 

Sana franc— 
USdodar- — 


nut 

DtritG' 
IriSKI 
” USSR, 


;^^eTs 



129. , 
L3BJ 
1313 
1103 
1041 
2994 
1175 


17iH 

UK Provident 

UKHoatb.CnleSt.SalMbrovSPlSSH, 07223362*2 

1334) +0.71 - 


OFFSHORE AND 
OVERSEAS 

Actihonds Inve s t m ent Fund SA 

37 rite Wotrr Ortne , La^ cTdPosr^^ ( Tl 


Ip7B9( 


US S 0ft > - 
Crafty rtrods 

MRSfezRIt ;?•«« 

ijitS&tauzz ii5g 

oocro* Uayll -...ZZJ 17081 


Cortex* Inhnutlud 
lOt Bnderanf Royal, Lraertbrar* 



- sas?= 



107.91 

ma 



trtt 

1795 

1473 

1135 

15*0 

1Z32 

X13J 

1203 

1313 

2103 



.1 - 


Albany Fund Manogement Limited 

PO Boc 73, St Heder. Jersey . 053473933 

AdtaaySFtVtai. llsaain 909JSI 1 0J3 

Meet deafiag Hay 13 



Cm Lai Gelbart . 

PacrtcBraa 

Fui.APngoSlrae- 

Itattriabaaal 

Raro* rn ii aat . 

EMrtyiacna (1917 

H-rt 7 leu 11763 



Prolnder Lttdud-. 

Pern Noth Americao 

Pem Psetftt Ban* 

Vanbrugh Ufe As s ur an ce 
Portland Hi. Stag n*ce,U>* SW1E SBH 01-630 1661 
ManaortFt____Je9SA 52L7I +i' — 

BaJuFd Z /h OLLT 1M.7.1) +10.4 — 

im Fd heps «jzS -22 — 

Reed lav Fd 15*64 *2i — 

Prep. Fit Tz7*.< 298 M *02 — 

Ca* Fd. Wt » 235jj +ai — 

P«lfc Base Fo__— _tlS4J3 193 8+2J — 

Mrort Arttricaa Fd. _J14S2 132.9 +OJ — 

F-y-n H ey a 20251 -l3 — 

Vanbrugh Pension United 

Portland H l S tag PtactUt*. SW1E 36H 01-6301661 


— Ataqr International Assurance Ltd 


lied Man 
(1082 
D3W4 
tn.99* 
€1333 

£0.9 


51.13* 
SL09S 
SUM 
SI 30 
B DC* 
sum 


0624 823262 


TSBIKcrtraaMl 


129.7 

1172 

1925 

mJ 

1275 
200.4 
1CS3 
IBS* 
13*1 
1873 
144 11 


Eo 


_ ratraLirtcdGU. 


127.7 13*5 

JW.7 176A 

131 893 

ra IBL9 1913 

d. 903 953 

10*5 UOI 


Si Mary's, Caatlnownt, 

Global Sttruao Fa 

UKSlcrtaFtf 

EroapeutMcrifctvfd 

JU>a<SieiilngFiL__ 

Mtb Aattricaa S*Mag ._ 

Sieriuip Fiaed m 
Global DoHar Fd . _ 

UK0o4»Fd_ 

Euroceut Dollar Fa- , 

Jaw Dollar Fd. □ 

fun Jraaricao Dauar FdJ 

DHUr Flaad lroFa„.J 

Aleandcrs Reuse (Benrntda) Ud 

FOB 1179, KaalftOL BendoBL , 6092932244 

Syoamumd 1 SL6ABM I . .7 - 

JUBance Capital Management Inti. Inc. 

4) Utntr GfOWtruw Sv London, W1 OX-493%06 

8091 +0 52 — 

liiiJ -02 — 

1773 -aoj 5.70 

lilsr . 6.73 

1037] .0] 1109 

♦0^7 


I -13d - 

Craigmount Fixed ItiL Mngra. (Jmey) 

PO Bw 193, Si Heller. Jersey 0M4.27361 

GWFaOdlJail I 7*5 ■ 

VMrad wtebly WTOweday 

Credit Sutoe 

23 Avenue Mooterty, Laal f lPV . 

CSSfton-Tti BOSAFB _ -isiOOb? 100661 
CSSbort-TMlMOM UB.W10JB5 UUBU 

DWS Deutsche Geo. F. Wertpaplw+p 

726b 7*3 J z 

Daehaa In ves tm ent Trait Cn Ud 
44-5, roUrortaiu. VopgrtingoRta. Seoul, Kona 
Korea Trot Haw Mar * Won 30003 [USS37KI 
Soort Tnrt Nav Mar 1 L wot 1811* "USS21.771 

Daa&ust Mauagemeut (Guernsey) Ltd 
P0B»*«. Si Peter PwtG wemeT ^ 04817jll8ia 


OrortuRUniuU^: (OMU 9Ld 



UDjU 

ik3 

110.71 


868144 


Standard Ufe Assnnce C o m p any 
3 Gaorae St, EdrCurd> EH2 2XZ 031-2232S2 

S"4 aa r 



Wesfeyaa ft General Aunranca Sat 
Cotnore CtRUA'BimdnglBlL B46AR 023-200 3003 

MraraedFrad _BT55 16*4l .ZJ — 

Windsor Life Assay Co Ud 
Royal Alxn House, Sheet Sl WMmw 

Amm. Poi UMts 15873 61031 

American CE30 298.7] 

__ ■ IBM 

Fro EaflFO. 1259 3 27Z7I 

FI»I- aai Grara* . g97.4 31331 

- - -- 1339 WAa 

pm 

GrrouM Bert A Gil I 
wdiiK. Eoaity_ 

«eh lac. Fuel lav. 

HMytFanO. 

HdewUMoOl 
IROMI Pf* (Arts . 
rUM). 



25-24 

jg j-* 


Dean Witter World Wide Investnwnt Trust SA 

1 j - 

Delta Group 

f>0 Bra 3012, «R 


DatulroUavS — 

_ DriuSOllMijS — 

— iMtanAocmOelnMirtE 


~r\ z 

TetOlrtZJflOOO 


, loM 



0624-29411 


N. Art*. Fart— 

OpoPlwMnfdM 




IMA 


Rn An Pea 

Reaii Rrrs'ry LU* — 
Retail A Pot tto— 1 


uKGro*ty 

J936 

3092) 


US OoBra Aarones Hot 24-30 0000909 (405%pl> . 
Allied Dunbar International Fuad Mgrs. 
Allied DurtarKousCrO 

A0.i. Mroaoro lu 

A.0.1. Mad oaXKyta).. 

A.0.1 VfrobftridtEob) _____ 

A03. Nrt Arote GWU -(51*90 0521] 

A.0.1. For Eau I*) -001173 89" 

A03. SUfl Fid Irolrl. 

AUeri Irish Fund Managers (Cl) Ltd 
Eagle Hse, Du Rd. SI HeOor.Janay. 053476600 

SrerirotCrorrocyFa _J UOJDIO |+00179| 9-57 

MraaeeOCroreKyFdZJ 1233761 +03BSV 1937 

DoStarlMf CurivrteKM 0*0397 I +003171 US 

Angto-Swlss Assets Mnagemeat Ud 
—J “ 8SPierHtaO«MeySl.LlMdOBSW3 01-3517712 

=j E sssisr—is 5 £f = 

Asset Oohal Funds Ud 
AbarmHs. Hons 5v DMd, IdU. 

FrauftEarity _JFFrUO0 1171 

UK Oh — kll30 119 

UKEroaty Jnfi3« 157 

US Bead ........JSUA* 


Dautscher Investment-Trust 
lAabute Lonibtrane 11-13, 6000 Fraokfwt 

grB&-=ss8ig ea z - 


01-9209968 
S156.7B. 


Dteael Buntham Lambert 
77 Loudon Wall, Lradoo, EC2 
FMray Grrap Liauted 


npUaaivd NAVHarB. 

CMM4I Urtud NAV M*r 0. UOl *3 

smbener Daverafnrd Lbuud HAV April 31 

WtadeurrFbmljluaiRfd NAV April X 

Wlartftterfiratlerljnrtrd HAV Apr 30. s 169 02 

Recoeery Untied NAV Aar M- 39859. 

Relents Unfed Caritm vwo 40% 

SpecUl FotO NV NAV mjv B S297BJ9. 
Seoriws Unwed HAV Ha* 818507. 


21AD — 


Scottish Mutual Assuraaca Society 

109 St Vloani St, GlAsgna . 041-248 6323 

FtcaErtArol* _p70J lOOGd J — 

Pot Mart War 31 HU 69tUl __J — 


Son Alfance hnorance Grasp 

Son AKlonc* House, HroUrtro 
Ufa Fro* 

MoraoeaFuM- 


040364141 



MANAGEMENT SERVICES 

David M. Aaron (Personal Fin. Pints.) Ltd 
Wkedagton Use, Wton Biyra Wttora 0525 210041 





a MoSad ISO H5Q J 

d iartTra t RH I W87 

IBoMFpdnirMl— J9M 


M = 


31L| +2J 

3W3 +45 

2713 +13 

20*3) +U 
+03 
-03 



Sun Life pf Canada (UK) Ltd 
2. 3> 4 Codobur St, SW1V SBH 


SI-9305400 


, 031 -556 91*1 


a = 



Pros. Pro te a* - 
PmJtoUa- " 
PeavEradyF 


9453 . 


_ BdyRLAcs. — L7b.9 \B63 

Potl Pratrr. Fd. Acc — 13B5 12*3 

PTO Fned ho Fd Ace U9.7 147.1 

ProtwFOAa 13*3 KL6 

Pro Moroy ya act ]ll90 UU 

Pro (PB+aMSKAtr (U»0 11L4 

ProCtt.Fa.Aee. 0173 12*0 1 


5aa life Unit Assaranee Ltd 

St Jamas Broton. BrUMl BS99 7SL 


. 01-2832500 

mti -lu - 



0272*26911 

+091 - 



Pro Fro Em era 
Pro troeraro. ai 
P roVAOriar 
PW.VW4ec_- 
Pttt Eer*. Ctot. 
Pern. Eroa Act 


Stffn Life Pt«f«» Ud 

99-101 Lanon Rd. Severads 


2093 
1330 
3104 
2123 
7tL7 
51 4J 
10*2 
1633 
1353 
132.4 



0732*30161 


13609 19 

Hew idb tty Mm 20 


TSB Ufe Ltd 

PO Etot 3. Keens Use. AudobOr SP10 1P6 B2646Z18S 

S3 <J | z 

Ried w* Frao ___J 1420 1503] +13 — 

Mrouy Fend Zj 12L6 1283 — 

t9*trFrad_. — .„E32206 22S3 -13 - 


HmrayerFroM Uo7J 

TM P u mra i LU. 
Mra m OPeurtn 1 5502 

OmawFIftwra ,iiB6 


Sil 


D. Aatot Mnofl Ten BO-11982 
D. Aatot M«0 TrogPeratiOM 
The Analysis Group PLC 
1 Part View, Harrogate, HG1 SLY. 04235233U 
Ufa M l eant Fi ‘ 

ARM 
APM 
AM 

Pras 

APM EjdaWrt *ra(IUIl _ 

APM Meed ITOoBtSWl«26J **§.« 

ARM Nrtd Fia* tT*i«0-Ej Bsjfl 
Halt Trails 

Trovet GkdMI Ifab T* 2000 10001 

Ashvile Insurance Brokers Ud 
AshvIBe Fhd Mngt Ltd 
2Bb Oxtora ftL Gomersoi 80194PY .(02741 

Artt>ra.Mral6U„E_tU*0 120 
ArtMAa.Fd.aui __Jl2*,7 131. 

Art Hrt PeoiSDFd — 0042 109. 

Art Bui Fd (CJL) hi 6-5 122. 

ArtStrat.Ai.FA. 1101-9 109. 

Bryn Wafts ft Partners Ltd 

PanunHta, 25HayendoL 108 SHQ . 0-9908228 

?^5S-’7.'i=iSi , Iti ?9 = 

Chase de Vere Investments Ltd 

63 Uncole't inn FI rim, London WC2 . 0-4005766 

PCRtoHo Han Serilce — O&SJ llOOl 1 - 

Dnbarry Caine Financial Mgt L6L 
17 HoHenfufi Ra. GoursenodC ^ 0202-296636 

SS? 53?S==J2H 1M =£9 = 

Ryl Htraavr Mnflo Bond 0102 Ut4 — 

FPS Management Ltd. 

14-WBH Pro* M . HRrirtt, SG58K. 046237911 

129" 

•_ , 11ZBLO 126ra *l^ — 

3s3 B5S as r 

s _S24l IStS +13 — 

First Financial Services PLC 
the Mitre So, Lorrtrt. BOA SAN 
Prtraw Fuad Acaroi U1-D2S3 
Fttzgrade Ltd 

awF0,23M«draSt,toadBrtWl 01-4093337 

Pradral FandlSU too 1180 _....! — 

lovestmont Portfuffo Senleas Ltd 
15 Mancftester Sttaarr, Loodra W1M 5AE. 01-486077 

fPS tavotroera Bert MrowKd Fd 

IPS— EH pel laid +00 - 

IPSf3aB*lCn«nFd [1057 lii.g +0.4 — 

IPSSecoeGrtFad W3_ lgfl +8U — 

Soman* le A«c Port-— 12140 223J +L1J — 

gp Sftgpw. <n2A5 12061 — J — 

tPS MaaaaM Paro 

TaraailPShrouFO 

Crroau IPS Mw Pe«n 
Royal HrriL IPSPFd— 

John too Frt Pic 

Princes Ks, 36 Jtrrnyn Sv LrtiSWIY t>ufr 01-439 0924 
AfraMrtMMFOUI. - * 

JPryMroiTirtPaFabl 
J. Pra mot Vara • 

J. Fry Nirwi!ft U 

Hnrstmlnster Flamdal Sendees (CY) Ud 
PO Boa 2153 Niam*.(hptn. 0103572459792 

HF5 Skandta MraOF4_u973 2074 +1 

HFSGREMnKFB — 

HF5 Scot Ufe Mead Ft 

HF5 Sub Atacr HuM 
HFS M & G Man* 

HFSGHmHlX 

KidgM M/afasn A Compwy Ud 

33Cor* Street UwdcuWIXIHE. _ 01-4090271 
KW NAG Moneyed Ik _ 1102 
KWHeaarrrtuHrtl— n* 

KWHnOenttMaiZ— W*J 

KWGRE NNIMM U5J 

KWSduertriCZ 1072 

kw Prorata! ma 113. 7 

Kill CUSCFW Mat 8J_ 1163 

KWAJtaraMai 1M.9 

KW Cram Mae 10*3 

KW Rvi HenzneMiBra. 993 

KWNanAcRUaraiMai. 174 

KWH&GCtt 755. 

K W He+dmoo Myd J _ L0*J 
K W Artaav M«d IbIV_JSD7 0 

Umsnt ft Partners Ltd, 

40 piarlat Sv, Loadoa, (MIX 7P8 U-6294509 

Privra Urtrt Acnai—il'ts 206.4 rLTl — 

Haugemeiit ft Executive Ltd 
Ronl Hw, StwRlmSl. Leeds 0532439200 

tMERH.Maan flbU lMti +3.4 - 

UAtGPEMttFdl/l.ESaOB HU -LB - 

MAE Ea I*” Ma* FdtllSlO -Ltf - 

SUE Crara Mat Foul Ju87 124.4 -fta — 

■6ESrtrod w MA(iF-UD78 1IM) - 

M*£bcmoerPmHul--l*16 1*901 +831 ra 

M&LTrovrt PeaFOirl J79.1 


BIA Bond Investments AS 
10 Oaaentrawe CH6301. 2m, Swftzntaaa 

BrotrSMMzyl -800.700 1L500I . ...I _ 

BMA Ba n g tie de Marches at if Arbitrage 

SO Rae Basta L-7307 * ‘ ' 

BoadPHb Frat — 

Bond Security—— — J 

BNP Inv Mgnmt (Jersey) Ud 
PO &oa 158. Sc Htllar. Jm*T 053476011 

BRP Manrortacy M UK 

US Bohro —— — 1 SU69 1 ,_. J 4.99 

jrauay J nojj _ . J 842 

OMrott J DM30JB 1C 


Dreyfus Intmcontinentel In. Fd. 

PO Bw H371Z. Hauau. sroaras 

NAV May 5 85840 62131 ^_..l — 

Duncan Lawrie Inv. Mgt Ud 

Vk yy Hse . Si Peter Pa^ Gucrniqr_ 0*812903* 

Dvi*5+fvnlOTK~ . fc .93 UOl J UO 

Dunedin Unit Trust Mgrs (Bermuda) Ltd 
BvA of Oennoft Bdkttig, Bermuu j 8092954000 
America Troo llLBB 12.4*1 . ...I _ 

Dunn ft Margrtt Group 

6 Aw Uayd George, 1050 Brussels 

C roro noray Pool- f S2U34 

Crortrcyl Gold Pool SlOOil 

rrartMWfriFM.PM.!_) 45iM 
WbidrtrVIt* Fro Pool ZJ 5*502 

EBC Trust Company (Jersey) Ltd 

1-3 5eaieSL Si Nceer, Jersey 0534 36331 

l alii aMl ia M brtaaa I 

ussora! 

dilI>s_., r _ 

UulCw-STi terra 8- 
tvi nu , , 

KSTJiftSSl 


0216403260 


Batches ot tT Arbitrage raSsralt a^L^T - si < m ...... — 

&S»=s«= z 

FFrlWlT? - EaraoaXrog Ten^EjS3L^\uJ - 



HP nduu ue i FWtd 

North Arvenca - 

Far EM 

Franc* Oros 

Julius Bur Bauk ft Trust Co Ltd 
BatterfleM House, Grart Cayman 
Uraih»e»J.BaraSFa__ta.o9B L*o4 __ 
«Jrt,JUertFo'__pJ01 - 

DMftav,JBMmwrEMQo ijw 
•Prauiaiva 

Bamferd Brandt Guernsey Mngt Ltd 

PO Bra 71, St Peter Port, Gueenay . 0*81 

TeahaaoCroaro. 


■OHw price wcurty JS prri*r». charae" 

^^zBansar j _ 

"Offer price iic h d c i 5% praUm. drage 

EMen (SwitzeriancO Invest Mngt. SA 
C.P. 406. 2001 NeucftateL SwHiettM 
Tal: 010*1 1381 247979. Tl* 952 710 FMTR 

EMerSAMliM.T«_jASL1830 12S.7S I — 

Uderflrotr.Mr.TUral8F982S 10829 J — 

EffritiBiifc laternatienal Mngt Ltd 

P.Q. Bm 264, Sl Holier, Jersey, CJ. 0534710*8 
Fhst AM Prime Inc lav Ca UO. NAV Mar I Tiar* 



zzl Z 


SZL90 
The Bangkok Fund 
Bmgkofe First Inv & Tryst Ltd tin AMsrad 
300 Sflom Road, Baogkbk, Thailmd 

HAV May 13. Brtt 5*2.95 (U5S2L201 
"Banh amert ca Tst Ca (Jersey) Ltd 

PO Bra 120, Ueloa SvSi HeDer, Jrojey, Ctanei Is. 

UMOUWHM— £2709 22909 I 722 

VMued ww*>y aa WMKttm 

Banqw 5andhnve Fd. Mgrs. Ltd. 

PO Bra 19B4, Grand CaymrovOWl B0f»J)4JgS244 

«. laL tor F8 Ltd. . 

i^a 

Barclays UtUvorn International 
1 Qunng Cross, St Hefler, Jersey 053473741 

UnlMHFwM — Ab* *8%d 1030 

Un+A«rnc«lG»ttTa_J»13 2627 ~ flG OJO 

UartuWTrirt f™*n 9626a 7” 9S 

S Mctncrac*. Fa. ] dun IS 

■UKKrrcy SZjo 

DMMrtkTKr.FO._Zq DM4HB6 ” UO 

YeuM aKklKy. F* I Y3J51 "" xS 

5arilafMjnaMFTOj£lO09 10411 

171waMsSt.nuaMn.tMi at Mao 

UabAartAcc U12S* 133.5 

IMMuro. lag— ...J1202 1272 

Ua* A ro v Ml nrr ai ace.— 11274 I36X 

Uai-Aaa- Miaeru ttt_JU9 * 117 J 

UrtPacHkTran.__J*630 «93J 

UaUmeraiHaaM Aoc— -046.7 1562 

1487 152.1 

110 J 1371 

1070 1380 

Barbs Fund Managers (Guernsey) LU 
PO B#r71. St Pernr fftut, Gbernwy 048126541 


Srt» titorathud Sdact I 
raBtt tm. Edrorod! 

Fhractt Fasror t 

SekcPrioaail 

SaiecxRevaOyrl.^) 

□pity ft Law Intern ati o na l Fund Mat Ud 

Victory Hie, PrvspeaHW, Douglas, loM 062477877 
1400 1489) +16) — 

S2-197 2Jffl +0014 — 

njoi ijM +0iw3 - 

i«0 losjj +oa] “ 


UaWraraMW Ik 
UaMJKEaultyAcc.- 
UabUKErtftyliE.. 



UH6 212J 

Dt*»9*8 
Si 003 
W22 
V495J 

11347 1202) 


■02 
+0001 Z 

+0i - 

+03 - 

♦oil — 


Equity ft Law International LHe Assist Ca LU 



Victory Hta ProsoeaH 

Eroaeaau Eerily—. J 

Far Eantra Esally_IZj 
StrottAaroMaEraraJ 
UK Crodty.___Z_ l 
UKgtrnroQliO- 


MroroaraCarrm 

hnaraAtnwAi uaragH, 


Ml. Douglas, loM . 
73.7 792f 

si. 137 iza 

50*93 07*i 

723 77T 

56J lfl.4 

30606 05*1 

543 581 

5AA 


062*1 


0534.76007 






Barrington Mgmt (Cl>— Barrmgtaa Fd 

He6MOriBcmanHsk,Stt<ener ( jene* 053*78866 

WltrtM*>7_ ,11090 196J0I zTjm? 

KshoiMgate Conuodity Ser. Ltd 

PQB«a^Dmgi H ,|gM 062423911 

ssa J ; 

OrtortM mac -Sio AM -U. Han Mm Aae L 

Bmzil Capital Services Ltd 

20 Curtail A«enat, Laedae, CC2R7PA 01-5886064 

tsasaeS^^ i ~\z 

Bridge Management Guernsey Ltd(aXcXh) 
-rarrsuCBmoE^g Jg J Z 


— I WHi ro i a Ca»M *06 ■ J10*6 


□mttege Mbnag e meut LU 

BSSMfcd 


EmoBfe Awnraisce Granp 
SUMorThner si Loadoa WIN 7RH .01 

S;? 

OHoadoraraFbroiZIZj U60 

SS?,' SfSEJ? (««*»*« Ltd 

PO Bm 1 1». SlPmr Pvtarawey 0481711 
Cro v waMI rt a 8d Fd__ Jw.90 9.9*1 -O0|J 

S.B. Europe ObBgxtitsH SA 
** L^L^trrdrtorC 
London Jytnt FF3. SaMsDury Maos . 
EC2B5TA Tci: 01-920 0776 ' 

E*W«h*il»K J SOH | 

Ewope Prestigt Fund SA 
3 7 Roa ferae P rone, UMartarog 
O— e Prawn* Rl— .J Cc*1136 I 

w “ ,b) 

Horthge Hse. St Pew PwtjGtwrnsey 
— -^ (W ' 2Z “0- 

JUWMCrovvaey. 



TCI47 

..._i 

Ltd. 

0461710 






c 





is 



Financial Times Thursday May 14 1987 


33 


FT UNIT TRUST INFORMATION SERVICE 


' . Mi 


FFM Futures Fund Ltd . 

TO float 1540. Hartfton, Bcnonta I 
FFM Fred AM 2* UU - 12 

Far East Growth Fuad 
10a 

Far I 


IWJ 


Huakrot Bank Ltd 
41 Btatoaata, urate), ECZ 
- Hutfero Pacific Ftori HpatLtd 
ZUft Camreght Centre, Haag Kang 
Uotoi Fd IbrU-Imiu 


nmii aw Laard Brothers ft Cat (Jane?) Ltd. 


north Star Group ef Cmpnki 


. Liard im, bell 

i — Laardlstiac.1 

3 = SfcfcSJEk 

— I — DIM Doan UccJ 


- \.. 




La Fands tntaruaUa 


Lloyds Bm* (Cl) U/T Mgn. 

as »i TS 

“ U«MT>WGH Imjlj 


Nanay Fuud Mraiarwuit A/S 


Swegtafamr Securities Ltd 
ObCamn », Uodw EC4M6AE 


01-329 4M6 


Ktad date) Bar U 


Mb 


fieaeva Swflzeriud 
1 Place BeMfr, CH-12U Genera n tswurtnll 
Tet 0UMUZ2I »« U <tat 3222) Mrs SenckUl 


SEMES? 

V6 uo »““« iu,r 




MYHay, 


on Lloyds ML Matay Maitat Fund Ltd 

53 fift 1 *-"' 


Guernsey 


Fknttag Creep 

London fecttf E-F.. — 

Ess^ls* 


HaaBb 2000 UMKd 

to , _ 


048124983 

S 13J4 
*.94 
SM 
im 
3X1 


TO ta 837, Gram Capm, BWI 
- l 3013 


Ltd 



Foreign & MuM Maufant Ltd 
1 Unroce PiMAm tiM, London EC4 01 -423 4680 

sd 

FUNMlWbSyUJ SM6 
FIC (Modal Hwfe Wt*,**!* 

efiTBAfiteMi oa ”" M 

4-U5SCM*-, -Y BMW 



RFC Internal! PartfsSa Fd Hngt Ltd 
PaMx309Z7.M»flKog . £-8908448 

StacUKi Grate H. ~ 

Baland Enatt F«_ 

Sorting Income FU_ 

Pacific Basin Find 
10* Btakuid Royal Uoanbom 

MM 1 0724 1 4O0d — 

im, MU «. L C. m ««. un l«to 

PacMie Growth Fond 


„ J JiL*6 


Printer Bond Fmd U 

10a Boatnard Royal. 1 amaA a w e 

— n*v_ ___ — I 555? 


sss sfijpsar 

unentFiuSaM d.t2 — 




M MAC (CqoBl Ltd 

Lax. £0015221902 TO Boa Tea, Qrddglflw m g, Grand 
AaradcEuHwrB ta*-94 IS.' 

TgJ.afl = bp-** 

- H&G Istaod Fund 

- raBHHsiPm-nvLSwncw omjmi 

— SSoWu_._]n«ui uiul -*3 }j5 



Foma Fuad 

eta Ham Gomt Alta Lid Hem Ho; 519-325 M* 
Hofera VTC1 01404 03*4 

HAV MTE6tM.1L IN Mfat BSfZL422. 

Fnmnngtaa Ovencas Fwd Haft. Ltd 

K Bran, Si Peter r “ 
rjrEMFdOSWe£— 
iKawAGnmnfTIM 


ntn d m nn GhW Strategy Mngrat SA 

20 BM EMM Sarah. Uawnbswg 010 332 21902 


. NorttAattoibiitol 
[mm Pttttefe _ 
UK State PortfoB. 




McDsoneff A Co (London) Ltd 
181 Orate Victoria Street Lradan EC4V400 
OeaHig No; (EL-Z36 6387 
MrOItto^ W, ■ I UA22 
UdllteHrM&wT] S1AJS7 
Md>Ffa*wara-— ? J20L2J 

UcllFdwre, _~J OOM 

KdlUWAt J 51291 



Hetaenon Uagd Sttna 
Hra*nonSgr ■* 


KH Samuel Fd- Mum- (Gmuf) LU 

SMfeSJSfif W 


«i«r pnaa ng taai 2137* 

— Prestige Management SA 
~ 3S Boolevanl Emrand Serva & lax. ,010 35221902 

FTrICCOT I — 

Protected Fund 

lffi^ , S55r}£%rSS^ B 7«f 1 - 6 * 

" ~ *WiM» MdlMg M Traaay - 

Provfdeuce Capital Internattoaal Ltd 

P0tol2LS£PWerW5wnner^, £KS1^S7^ 


Man IntemXknnl F oboes 


WWT UMITEO— M_ 
MIKT LI KITED — lac— 
MllfT GT9 LTD Ser A _ 

«WrCTDLT0-taC.ta. 


muo 

n^p 

SLUM 

»M5 


UMTCTDLTD— *mI 9W SliSfc 

lUKTCTDCT 

imri 1 mum c—aJ 


— £ UK Ft be. . 


=d = 


FTOhcr Fund LhnHtd 
PO Bot HM1735, Kara tail, I 
NAV4MI27 tHJJ 


Jersey, ro Bra 63 
Berne. P0Bo>2b22 

CIFCO HiB Snrari 

btaam D«r C*rL _^J 
80929s 7447 CSFrMUra) ZJ 


t Services luttSA 


Tetea 4192274 Tel 0S34 76029 
TeM 912250 Td 4131 224051 




BT Manamaeut (OK) lid 
8* Flnor, 8 Devonshlr* S4 London EC2M 4YJ 
TM; 01-283 2579 Tdeca6U» 

Laarfon AgeMS lor; 

SSKNc 

Mssate; 

STAwKKSitaUJ — 

CTAstaFdb) 

sssssras^: 

SMSS^Si: 

CTBraeFudltf — 

CTDrMKktaMFM. 

tTMQrFd.ll). 

GTDfrUtlglMU) 

CTEwvF«dKi-~. 

CT E»T» Sodr. Co (ri — 
sreuTemniai — 

ETHWPtMerta — 

CT JnrataCoiFflxi. 

crSwunnu. 

CT SttCUu Fd (1) 

GTTfdramvFdUL^ 

GTUKSMdftecFdliJ . 

GTU55trtrCrftf-«H J 


FfaedMttl __ 
Global Eawy Find. 
loLtrowta™. , 

mr?s T&3 




2 Si Utay Aaa, LoiKta. EOBM 
LCwMitacItSv.Jnql 

BEEai EFTL 

USSDattdfd-.™ 

DHDraaMF^J 

SSSR5S 



— SWttTM*. 

— tt-ta.ta.in.. 

— __ Manx MM OhUbo Mavis. . SPmflcFM 

Si f££!8Bii=l§jo‘ =1 : ISSSSfc 

— SWm Foot Magi' 

aj« “ Haartu In t m aticnal Ltd ulj^7£Sf 

jjIS - Portland Hie, SMtoada, We alMia 0624822091 jwFml!- 
T_J 224 BUM leant Irm* ■ 01)68 m.*I _J — 0FSPditU^_ 


otter pneat rtag 0*81 267264 



Prudential IbU Finance Services Ltd 
PA Bra 61, 5t Peter Port, GuenUH. 04811 



ab Faedi M daflr oam > 

Starftag nraitaml tacaa 





liraL Maaagad— 

Uta. Agents **.**«** 

_ 81*23X212 , n Gtafea | FhA United 

CB3W»0l «*> tom*. Bk*: «f IrtaaaO OOMJ Uelfcrt. 

ZDFDKfinLDe^lOM. Tel 0624^29663 telex BS 
■HL00HM*a»l 62BZ70 • Ara 


_ LAAcni_ 

_ USeS4)« 

_ USGM 

” FUnd (SICAV) 

- ua g-^Jr a, 

~ ffidbnd Bank Tct Carp, (Jersey) Ltd 

- 26-34 Has St, St HeUer, Jersey 053472136 . 

— M.Sk-DttarrQa iljj U3t4 -Od 1053 ItaeM&UBJ 

— M.Btrr*»tBcMl™KLM Lh 3 -GT»a 579 GnMttCCAU, 

— U.BS. (Trace MvtadiJUSO m3 HLS — 

_ Putnam httzmatjonai Advism Ltd 

- MIM Btflanala tatenuttonal Limited 1032CarkSt,tmxfcxiyvi 

— TO Bra 271, OiMBrany Horae, (>K«n Streep SLHefter, E°-o*WiSd 1 BUT 

- Jnwd 053,73114 i=X=j VS 


LONDON SHARE SERVICE 


BRITISH FUNDS 


1W ] i 

Mga lmI stock I £ I - I let Ibd. 
“Shorts” (Lives BP to Five Yews) 


vi «.r fc 


jn>ts«.itei«7_ 
97S[Trt« 3pC 1W7- 


^yTiwtizpdw. 
atedilOisK'88. 


981) rraa‘PapcCe'66 — — IBlAid 

93m rraBiptri3pc 78-88 9613 -i 

, Treat. , . MUi ...... 

Treat U»A~i 

Treat 9>jK Cm 1989 102 -S 



. t-.V 

M5A-A 

■i 


9.99 &88 
3DJ 7J7 
1181 830 

7.77 819 
1029 832 
161 830 
3J.Q 589 
936 839 
10.96 040 
932 837 

337 S88 

mip 8,42 
9.70 445 

UL44 a*13 

522 t94 

988 7J4 

11.75 8A5 
1037 OflQ 
1136 446 

a is 

987 845 
L79 583 
1089 884 

6113 7J.4 

338 U0 
9J71 7.44 

SOOT 847 
1100 686 
W7l 683 

UWJ]I 99fltrnw UU^eOi 1992JJ-J 107|bi-A I 9J6l 888 

Five to Fifteen Yearn 
loyy&dLiatfcTO- 

lllUExdi 13>2f>C 1992 .. 

97E>rolQoc 19933 J 10W|-2 I 9.43| 865 

108 alTreit 12>c.': i Yi:!-; 


1 in. 

9^MB9itfeCMlOT 
8Wr(M3nel9B9 — 
99U[Tree 10*2PC 1909. 
9BljExchJ0pcl989. 
lOVKxdiUKlW.. 
89#reas 

iieas. 3pe 1990.. 


84WTi 

93SlTre« RiK 19B7-90JJ — | 
. 97WTr6Ji. lOpcC* 1990 
Bl^iEKdi 2*206 1990». 
103WTn»i 11 V« 1991 , 

Bssa bsc^h 



BRITISH FUNDS— Contd 


1987 

Him Lav 


Price 

£ 


+ «r] YUd 
- I InL iRcL 


131 l+A 


Sack 

Index-Linked 

( 1 ) ( 2 ) 

- U.4 

on L77 

127 2J9 

2.94 345 

328 3tf 

322 362 

3J8 388 

3J7 381 

322 3.46 

3J9 3.41 

, - , 32)1 W7 

♦A 3.11 331 

l+ A I 3871 326 

laaonoi (1110% and 
(2) 5%. (6) Figures In pamrttieses show UP I base montn lot lodninaJ 
is 8 montlH prior U) Iratt. RPI tor AugM 1966: 385.9 M (or Uar^j 
1987: 1006 (ntiased & 100 Jwxy 1987 convenlon laaor 3.945V 



U7li 

109 A 

lOTiind 

110 A' 


UK.iffll+u 


130J?i 

WA, 

IBOhJ 
«jl 

Protective real redenyxlM ra» or proketed tali 



1 114)2 Treat 

219.1 rr*«24>jpc2994iS_ 
113D Exdi 13>2pc 1994 ^ „ 

97B Treat. KWcLn. 1994 _ 

109>« EuP. 124pe 1994 

Treat 9eel994tt 

1BTH Treat 12oe 1995 — 

76 Etti»3pc Gas 9095 

, 98A Each. Wire 1995 

J 112,1 Treat 12 T«k 199S«- 

11H^ Trent. 14ocT6 

9Z U Treat 9 dc 1992-96**-. 
12£A Treat 15>rfel996tt— 
11W, Each U«pc mm— 
81*4 lederaxioa 3 k lWr-9L , 

9fa|| CocwrrVorl0pcl996__ 1 

UbyTreas 13>*oc 1997» _ 

100 EKblOitfc 1997 

90J| Treat Slipc 1997ft 

Tr Bttfe'WBtt 

EjkJi 15pc 1997 

EatA. 91cK 1998 

T>eni6\pcl995-«8ff_ 

Trm.l5i2pc'98tt 

109!2 Excb. 12pc 1998 

95A Trent 9^pc 1999tt — 

111 |{ tout. 12Upe 1999 

101 (Treat. 10*zpc 1999 

99.1 ComenhwloW 1999. . 
30 rrB' W c20(XX30«0» — 

, 9H lonuerdm 9pc 2000)^1 

J117B Treat. 13m 2000 

1 Treat ZQpc 2001 

( Treat. 14pc *98-01 

96AC«nmrai9!iPCZ001 

110,', EaA 12pc WbT ■ 

~ iEsmeidanlOpci' 

Over Fifteen 

109 I 96HjTias94(peaKIZ 1 

103 I 96 Ext6.9pc 2002 

123 Treat. 134*200040. 

98A Treat 10 k 2003— — 
^nera.®aBMI_| 

96 J J Treat. lOpc 2004 

5XSFoi*tag3^pc *99-04. 

95>tC(x»*rsnxi9J®e2004 1 

95 CBn«rstan9>jK2005 _ \ 
103A EkU0*jjic2“‘ 

1118 Treat. 12 >^c 200305 1 

B3A Treat. 8pe»C-E 
Tr8pe '02-06* A'C3£ 

97ACaMe>wn94iiici . 

Ull Treat 11 Vpc 200307 — 
87«Treas8>jpe2007tt_Il4 
126A Treat 13ijOC *04-08- 
94L, Treat. 9pe2D08tt_ 

8Z^ Treat 8oe 2009 — _ 

61 A Treat. 5»j«:20as-12a_| 
81 Treat. 74nK2012-15tt. 




“A 



lLOTt 877 
2L2S 875 


103t 885 

1081 901 

884 881 



984 831 

884 &77 

1042 984 




MoWfcMFUl 


B2K74 






(X. Trust Managers Ltd 
rr ipatcie» m 3LJMsfeiaai 
IM. am n i WM tk4_ta*.9 

■ =*I nwMaFMd 

"“w •** unit Tran af ladia tPortfoBo Mnwr) 
eta Ucnfll IpMtkroCaapenStECO 

HAV.«L4 05) (far M grtt W ra i 


m* fZSZpB^M 


-OU8 I 

■tinvy- 


BuMaefHnlMM Cwanradties 

3L45GreUBm St. Lonctan EC2V 7LH 
Rooorce Fcai MAV__6BSJJV 

Mm aatuv am Ibf L 


01-382 0943 


Manta Asia Invest Services Ud 

HK. 260617 Ooe Etgtange Spulre. Hon g Kan g 
OBb Tet 0» 2MZ3L Tta.61413. Fra 

Org AW Ketree Frae ! ■ tt i o ri 

K 6.9* FMOcCeMFMI^^J H7AB 

lu HV Interfeehanr 

S3 aKW 


S Ma c Ferrara ti) 060.4 

IBM* to tal uwl jral 
Areata, sme Cm bi- Ura 

Cota fpfte Met [O UOb 

Jmtamuli)- U99 
OktaaCIgMSMdM. I4.7B 
IfaniatafalMOHtiL- 2270 

. UfartSe* titan Cl) LSX3 

htajj^mragab)- lht 


BftS57JS» 


SS&ssgs.*? ^ 

WLBrdL TKciBOM — 1 - j, Sodevard RqnL Untan 

AHta mi w d EENEKALI SpA ffiSKWiSD 

BDBiSn =d = ssas^Esasr 

Sdlne dUta A - - - 1 SX2« 


s mm p»raraar ___ ojjo 

— U5 llwu W JX919 

— KIM nnrii Tree Mreci—IM 

— CttTalQM _RC 9Ul 

MueLMMMACU — 

AretrGnxttAirJO. 

AcofloFad- M»5- 

■tae ra Er— ib Tregf. .... 

. MepraWviracr ta9L70 20. 

-Had U5 Utatai PIMKE. TOM» Ptafae. wrara ta Pmang. 


lot Otuantum Fd NV Caracas 

1222 U7BH1W&W. London ZC2U3T0. Ci ztnzm. 

ssaasKsaB sao ^ *3*^ 

Buata Fund 

380 10a Boetamd RiwL I rarwUumy 

H y jua faSS | -end - 

HOJ +02 LOO 

ZLtn — 

«U7 +-L2S XOO 

.239J , «Ai 180 

ini ' -at lsi 

K92* +<L1 TUO 

mjO +53 L3B Skater InteraxSoiad Ma na ge ment Ltd 
Z 

itS ImH Z 9nM.UittLF,Eatt — «J9 
gg _ fttart . i m l. H. Altar ^JSU2 

a*? +88M — HnttscMW Asset Management (Cl) 

. yy StJoirartCLGranray. . 0*9126741 

sag ?*’ — & zdss 

10J9 —4 — 'tan U» 7. M. O. Mm 71 — PrC*S faj 30 


pU6iiiEidi.l2pc *13-17. 




(NT. BANK AND O’SEAS 
GOVT STERLING ISSUES 

99>e)AI nan DeBtlDiLe 2910 J 
95 UmDnBtl0<iuidj68109ll 
UBMAooalia 1312*2010 — 

lOSii Do.ll%ocLn2015 

Lure In Bk line Ui 2162 J 

1 03. ID^-x-ZW .— J 

Kyiix-ta Of, H lZLraSOOJJ 

90V 0o.9LpeUi20B I 

S3 Mlyva 1 lUtPCLii 2009 I 

12>«pc*88 I 

1997- 



11 W, S-ewn 131 jpe Ln 2010 

99L Da 11 k La 2012 

96ltlUM- llni» Sim litpc J 


CORPORATION 


urranghamUirKloea. 
1194 105»i Do. Uboc 2012 ™. 

301V IK) TBomley 13*1987 

B2>dcijC 6VPC 1940-42 

. ' iwtsH*cMS587 

131'i 121idLee4i 13ij{K 2006 

uol3tac ined. — 

STiACcy^'g^ 

94 1 68 > Dn-bVpc*38-9g...- 

30 25 1 Do. 3 k *20 Ah. 

113 I lOSigWancPester UIwk2007- 



670 

480 


COMMONWEALTH & 
AFRICAN LOANS 


)RMd21]KNHbAt5td. 
Do. 4ljpc 87-92 Atst± . 
eAae(£100pa)_J 


LOANS 


J 92 

+h 

739 

920 

J 205 





75ia 

..re- I 

— 



-J 140 1 


— 

6.45 


zoo 

180,‘J 

uoa| 

100 i^ 

my 

miff 

uiv 

uny 

101/4 

1B2W 


Bunding Societies 


»yfl(*in*9%pciaj87_ 
99, V DotHpe 15687 _ 

994 Do 9116.7.87 

99 SI Do. 10>iPC 27.787 _ 
“■ Do. lOitfK 17887. 


99 00-^5*7.987 

99* OalO,*.pc2L987__J 
IDOL Do 11 Vx 26-1087 
1001, Ds.llifc23J167 
100 So. U Ape 2L1287 

lOOiKllhfiC 28J.88.JHJ 

100 Uo-lOtiK 15288 

' 10^7388 


9;incilA88 

Do. 3VclL Ln 2021 . 
l3%k ILLn2Q21 C2«0 J 


Wflrf 

100 

1004 -- 
looi^-;. 
100,1 -A 

1001, 

100 H 

10 lir-A 

J81V-*t 

wiy-A 

“H 


9S& 1280 
9A4 9.44 

981 915 

10J1 9.41 


1011 


102,1 

102 


!-•» 


lOlijpl..-. 

Public Board and Ind. 

2 bl 


931 


S 917 
987 
985 
194 
891 
1 93 

1DJ9 
9861 

385 


192 

482 

980 

397 

196 


^ Mi. 5 k *5989 I 

Vtr.3pc1* — J— — 1 


Undated 


45>d 404)C*ends4pe 


4ft 35>i WirLaa*3^extt— 
51, { 47 Cenr.3>«c'UML 


3ftTrtas.3K'6bAfL. 
29, Coes* 2fct. 


28V 25 (Trant. 2>z*. 


m * 

h A 

RJ)9 


1987 

«l)n 


an 


Low 

51 


&B7 

— 

25 20 


-A 

BM 



25 20 

2 W 

Us 

aaa 

— 

3 16 


Financial 

lBJiJ 99 ln»ielndlliKUBlji , 88. , 
107 102V DiLllVKUntln.‘90_j 

95% m Do 7VpcADb89-92 — 

113(2 106*2 Da. 12^ Un. La. 1992 J 
98 81)) Da.7VpcA*91-94_ 

1011, 69V Do. 9 kA *91-94 

100 BSV Do. BVpcLn *92-97 _ 



10.75 

9.72 


1063 190 
1124 1030 
754 8.60 
1181 950 
7.40 820 

887 170 
889 130 


FOREIGN BONDS & RAILS 


pfaae 4J$>c 1898 

iDo-SoeWU 


00-5*1913. 
0o.5oe IS Boar- 


Price 

£ 

Z3 
24 
23 L- 

U C- 


Dh% 

Gnu 


Bed. 

YUd 


FOREIGN BONDS & RAILS— Contd 



96)21 93 


09.6X2*5(6. 4s. J 

Db4k Mixed Au. — „ 

i»9.*M ku 

QurDre l&ne 20 U - 

IcelM 6 * 2 * *83-88 

Do. 14»jKLn.201b. 

lratod9.-^c“?l-% 

6% *83-88.. 


Price 
£ 

42>d- 

44 

47 , 
6M+1 

85 
135 
103 
94 


ft X 
Grass 

350 

3 

2 

2.75 
1580 

1430 

9.75 


Bed. 

Yreld 

BJ3 

wa 

KJ7 

9.98 

1057 

935 


AMERICANS 


1987 

Hlah Law I Stack 

41 A 32^iUibtaUlMratDrfn(--| 

17 12V|Mmmcn{HJJ 

31 ZUjfeicDaJl 

si 


j+ orl 01* 

I - I (m C*tr 


W, 17V,ai™Wii5c-_. 

64 j S21]|Aiiltr. CylURMO 55—, 
lSVflmct. E«pms SJ60 _| 
10 kmet.UfdtsUlm II 

14i.SnifttoiT.AT.n-J 

44 lAnwriirthll 

15)]fW2eJ 

WUAieifutef- Based SI. 

61d I 45p VAnuTfdlJI 

7 iBratAmerta $1 ,’..._] 

..w.r.uo. J 

|444p iBASlXCOffc 

3® 1 ’ 8f II AiLsilc $1 

4V]9BrlhMvm Slr+I S8 ., 

10V Bio- lid LaSi. Int 'A* 

Zl'JBawarrrlnc..- 

15 BrdwflkH-rerrtll623c_ 

Zd^lBruKvnek 

25tICPClnBiL2Sc 

18 1CSX Core U.5J1.00 ... 

lirfUKI 

38yc*ii»oeii Soup 30c- ... 
27yCa»n»U2r IK S180-I 
37(p titavg, Cera. 2St.. -... 
litjOuse Mipuuo S123 J 
24VCHrmlcBl Krw Vort. 
lbVCnrnirr SoV 
i4A|CreciitpH_ 

S3& ICnrFrdFia. Cora. 1 

CaOaif-PalnalireJl. 
(IndvSl 


Frnpawfi S0625 J 
241p Coml iii*»r.CornSl.J 
Cora llfmon HWjs U J 
FCowaie Ova 5a« .. 

> Kirilmet Srtrenr I0J 



Ilf= = 

♦72e - ._ 
S1.W-HA 
654.7? - 5.7 


YM 

tri 

1.4 

8 

U 

33 

22 

4.4 

42 


-J - | _ 
$U£ — - 16 

me— ls 

n«j - tn 


■ m3 - 22 

lx'J+A MM- L5 

27?*al!+A ! 606 — I U 

■ +'. I 0SL3«! — j 2.9 
!+V SLIM - 15 
J-V <M - iI4 
I SJrt3 - 123 
J -1 * j 503- 0.9 
! «et — 10-4 




52,73 
Sl.Offl - 
42 461 - 
40q - 
SlJq - 


Zip pinnon Dll 40£ — 
73,'.toanaC«p 51. 


i Central.. -J 

23W 12p (VOernu-Lort MedKal. 

H3V) 71lJCw>4 BraaatenU 

55i( 44j>tuori Corpn 50( 1 

22V 17VFPL Gnuo Ki 01. _ 

121; lOUFjinroni Fnancul 

221, 

59 s ]] 40 


28?b{ 23A£ATKb2l+: 

64V bftfOeo- Elea. SO 63 ! 

lft e84p TvGwmi Hon Core SI _| 

41V 38A|Oideur 51 

15V 20lKlAniFiraS«nUS2 H 
36V ^.bt. Western Fin. 51 . 
24U 20 treytawnd SL50 1 


lbV 
151? 
48 A. 

ea 


a* 


jl.FlraCintagoSS 

tal+IFott) Motor 52 


22V 
243p 
UP 
15flp 

64Sp 1-16 
30p I . . . | - 

27i : «i-V SX 2B - 
19V+V -J - 

WUl«d= 

52 'lid-: •. I 5! 
la^o; . ... 12: 

10 'J .. 

177,^j . 

28V 1 Si” 

«V«LeV 

siii - 
♦26 M - 


- ii3 


UVHastra Inc 5050 ,1 

11 V Home Group SI I 

4ft Honeywell 5180— J 
21 Ij HKBrtol Cora Am S3 _ 
14t] Houston InOS InCf I 

llBU Own 5125.. 
iC lArannes 


9ft 
21 % 

41 A JlVlTTCorpn-Sl 
130a 90a R-l maw Sioregrid SrsJ 

52 41>Jlnq'rsdl-lbn]52 

lbUj 12Vl*tH(«51 

10,’JlU IntnL 71 JL5 

36V| 27), Lockheed Crpn. SI — 

ZSfll 23V Low Star Ind SI 

19A LButma Land JO 15 . 
UVWiMc 


24!2jManul. Hanoter S7lj J 
flfrrin Lyndl 51 — — 4 
lllioouiututer Hera. J 
lorgamJP) SZ5- 


99V *U 
Jra-% 


. 1 -). 



36%( 26%|Cua)ier0asS5 | 

42 29V«URMianta Inc 

39 27VWep HV Corpn S5__ 

I7A MVpe-nortJS 

IBV) Uifiociraeii Iml.a 



♦26 7c) - 

siiS - 

tl 3*! _ ! 


S2.6® 

»LW 

iLtiij 


52.73 - l62 

ES3.48 
51.04 
5140 
hSL64 
34c 
SL20 


53JW - - 


ItBCk 

JLbQ 

SUfa 

44c 

5U2 


Continued on next page 


Schrader Moot Sendees (Jersey) Ltd 

P0 Bml9L St hefler, Jersey DS34Z75U 

Sekratar natal Pxta.LM . . _ 

- £202322 +803*41 a9S 

S3LB23* +80*171 579 

0H».7su + tunas lob 

SFr57AJ7b +CLD1M Z+O 
V4JEL65 +2311 12* 


-I wJ - *! tom SrtraderWasg A Co LM 


120aewdraltam£C2 ■'* , 01-3826000 

SSBcd -\S 

taeiaHJ S*LM “ - 


Ihoratan u *M gf wn i i LbL 
16 Flmtui) Qrm London EC2M 7Dj 01-2557233 

AxaraLaFaal S2MTT r-*_3Z35l 

Easttre Cra*» 0066 1LOH 

EotaMwvaTrm SZ22 233 

EmpcraOtra Fares tin DO 103B* 

CotaanOreefiret 114.49 152145 

HKACnuCrerereyFa. EKL1B »08* 

jam ire. P3.«7 

Little Breton Fml.— UlA8 113500 

DrMMM Ire Fred -S22OT Z1J0C 

PscOK In FJ£A caja son 


DtaUSEtaremi S1C33 l*-4*15l 

Prelflr TfOwtaorFe — (512^4 13*B3 

Femprara orand Fe-.j pa na 24*B«o| 
TfacrFued -JE3L74 ZL82« 

L>On« Rtacnc Fred 

US Deere 





Schroder* Ada L imited 
25tH Floor, 2 CsArage So, Hoag Kang. 

— ftrara timFeiM t 

2 ”■ 

- Scimitar WoridwUa SMectton Fond Limited 


0O8LL- 

OClRLI 

OOSLC 


TO Bra 330, St He<i«r, Jersey 

s%£r r — 


05343*373 


MiHdh, 0B> Be*. Shn, Fd. Inc. oam. on. 

****** Bft 


FtaMCSSe 
DM101 “BO 
ASUJD6 


Tokyo Pacific HofdlnBS NV 
Wliak Wuagemem Co NV, Cureew 
HAV per Pare 521721 

Tokyo Pacific Hldgs. (Seaboard) NV 

latitat Itangemeta Co HV, Curecta 
HAV per nrac SU050 


Warburg Investment Maugemeat Jersey Ltd 
3941 Bra* Sl St Heoer. Jervy.CI 053474715 

Mac. Can Btaa Uxy 7 — 8b0 *B 6280 L<8 

MatT^ra«Mw7._S63 33 04 L23 

MeuaTiMMreT— XUOJ 13- *5 

Etatv* in Mar 12 1_ SM8B_ 

MnEreareinaAarZO — BZL5B 2363 

Moan fa (tan Treat LUI . 

SbWr=fiffi aa :dts 

Henay Money IHiW Trust lid 

flttfc=3sa £9 

tMetapp 1 J £25*0 

USi . SJ45B 

OMwt J 0M86O7 

r«T. I Viatw 

DremOtador .. OfiUn^o 

&wF, I SF-0277 

Mousy Ombore Sierllng Trust 

GIMsirand JO-K* 1236 

Om+wm FreM —10-201 1 J7* 

CmpNoFsaO— p-OW 180, -0 

JreurFuta ! XL** L417 -0 

H twrrm Fare — fcUMB U*S -0_ 

PsantFsta — — kLllft 1266 +UXU 

UUIfrredoreF -d __4iLM6 152t +80L 
CMFsL 


Money Market 
Bank Accounts 


Mtecary Scfacted Trad 
GWUFusr. 


Umm Mogoore Fd . 



fir E«iw 
firms, Mel CAD Irrt Cr 
ANZ Finance Mlgli Interest Cbetpra Act 
Mineral Hie, UonugueCI. LondOivSCl 01-3782576 

C258C.5O0 -_J7«J 527] 7J6| ft 

(2J08+ -J"80 6J7I 452 to 

Adam & Co. pie 

22 Curtate Sa EdedBagli EH24DF 031-2ffl8484 

Foil Sower Car Are (L2D 6801 9Cff Or 

Aitken Hume 

30 CHv F0UO, EUY 2AV. _ D1-63S 6070 

Traaarrj Act 18.73 658) 431 ft 

u»,rttaUoaM50Qi_k50 . im mu, 

MtkJre COO C5.000+.-OL73 65» 9J0l MU, 

AAB — AHied Arab Bank Ltd 

47-101 Canon Sl Urea*. EC4H5A0 03- 6262046 


•fares M* 7. 


SertrastSA 


22 rue de ta C#*, 12U fieraea, Swfca 
SmltatMo — — WrlOMS 246M 


Glohal ACMt Mi 
TO Bos U9, « Pew (*V Guerwey 
PatsrfiAM— 

fiAMertaa. 

fiAM AlUlraH— -4 S1351 

gam aseas — - — fnnwo_ 

6AM i 


Swtaeriand 


incstbsamts A U en tiquei SA 


HALCwmcy Boad Portfofln 
2 Boohsard IbgaL Unotaorg 

<382)40830 UVMUU SULSO 1 

+8021 — 

, tlB>p MvMer) 


230885 

131*512 


J - XAtataA y^Ura^ , ivrt 352.47991 


HOP OCiBLYea- 

_^T^_ OCiHLIUot 


»J17 
77.2074 
51.7585 


NAVU0* 


au,..U ro mum*: U» j 


CAM Matt Areeries* 
CAM Fred hl. 


CAM Fsuflc Bun nL_JUBJ» 


CAMS 

GAM wnttaide-. 

cSAMCmurai 
CSAM lafw-.,- , 
CSAUUUft(dM^_J 
CSAM ta SreFr — — J 

CSAM MV 


nKM 

wSPb 


24»BrotaSLStHt«er L JefjtT,i 
— ta« firere* Free __Jaq.W 

"d Z Wtor * Sum (Bngrwta) Ud 

*■“• - PO Bra 20B, X Peter r* ** 


■Z Jaedmn naratag A Era Ud. 

— GW BA 11440 Hong K ona . 

— JF JrareTnaTj frytft 

— ASM, 

— JFJrare'ne»L_ 

— 4FParftS»T» 

JV FWcdle tatTM-i 

— jHMNreTa- 

— jFEreta+lB. 

— JFAtua Treat 


090 

NSL Britannia fat Ass Ud 
053477522 Aeom Heme, Altai Xl Doogtev WW 

j &35J5 is 

— 1 Ti-S Ssoil»J**«C-Tr«j_lfn'J.fa U7.9 

__J SAL CUt — ZHMI 1Z7I 

UKMtaJtad 04tJ 157J 

^ m 

9481,25268 EMtarara 

^ - iamssssi 


j — OClULMtaBM tornsn 43J4W •48S«74| 

— J — OClK-maS— ILUJaT 1SMCC -aoz™ 

~ OCCFLE If ltt E +O8ofl 


Saimgeav Kcmp-te HngmL, Jersey 
1 Cttatng craa. St Heller, Jersey _ 0534 73741 
Sffl CMM Fore ... jwB-5 »«^ _..J — 

S*E Iroxre F»l__fe.4 M — J 587 

UlBresI M42 WJ-V - 


Tap Braad Fend International 

Maupm: TO Box 190. StHeUer Jersra 
TopBmeFd letlMAV J X487 I 
■re As M tnu ) HUtay *■ Mren I 

Transworid Band Trust 
2 Brakrard RoyaL Lueui&uuin 
HAVMaaU 1 SU-40 I 


0534^74715 


.J - 


_ TyndaB Guardian Managers (Jersey) Ud 


SK L »- 

OCCFLCS- 
06242492* SCcn-D?- 


=.j?S3Sffl r 

— . JF Isttrewerei Th 

— JF Aore(a»EreaaPT9 

— % c wSSre il ErepTat 

— JFCrei«9HtalFa— 

— JF Picdk WtrraM CaT. 




DaA 

Merer K+rfat Greta* - 
_ DeAscrem- 

L* MM Inceme & Cwth Fd 


IZ] - tayM- 


- NM Schroder Fin Monti bfl Ud 

— 04*?gst Pet er Ftey.Gacnyy . 04S1. 

JA CtStatamt 
_ HomKrevFtad^ 

_ UKiHMtreiPrm 


— wr ■•-> I tniai.1 I 1 — 

— iS^UHiire«F7^»wta«^ jSSte fcaagraS erai 

— lsbh Aocrec rate. Fire** *eo.T»i: 01-ws m g atwreiT fortisflo tram 


— LnpM J«epb *Sfw(a«ni«eir) 

— AfaretHooc. St Rew Port, Ceermay 0*8126648 g £i? 5i 

— UAICrewrFta ^ eSStmU 

sr^grga ^ = “ 



~0-QUi 


RothscWW Australia tact Mgntf Ud 

"asaa s*aa—& - 

Hdyzri Beak of Canada Funds 
— ISC Onshore Fata Managers US 
TO Bra M* X Peur Perl EaerepM 

IstlhttreeFV. 

breCataMFa. 

tana Anoka Fd— 

Par East APaaflcFO — |S32t2 34.0 


27.40 

55.70 

158* 


u 


Sand Internattaal Trust 
r«id Hon Korea direst Trast Cu Ltd 
29 UktaMg lane, Loodm* EC3. 01-6239833 

MV VMS 2HLS75J*. I DR ntae USS2*,6*LW. 

Steens htenaUanM Fund— SICAV 

2, Bouieean) Royal, Luxembourg 

HAV May 13 1 OOJ9 i -08S — 

Stager A Friedtenddr Lite. Agents 

21 New St, Btah^sgeu, E£2M 4HH , 01-6233000 

_I ~d 558 

S ka nd if and 

5 106 *0 ■Wodrttahv 8-797 -5700 


2 Mew SLXHefier, Jersey 
tofsl . 


ParaSreS+t- Mreserdl .* 
ForraeaSet . Aretras-1 .7 
PoSeSaSit— FsrEASH- J .7 
FanWdl 
led. i 

(Nwj.Are.unJ- 
GM FO I 



053*3733113 

SHj =dj| 

as =ls 

14M 

gi 

««7S HUl 9J7 
, 0*247*111 

120+4 -C4^ U3-71. 

m3 ~o3 io,7b 


WMwrr Inv Mngmt (file of Man) Ltd 
1 Thoms Street. Oougte. lue at Mas. , 0624 23956 
Mere MM Fuad |1BJA 1 UA| — j AJ 


UerclaUBota. 

Wanfley Fund Managers (Jersey) 
HKBk. BafeCremtlle X, Si Heller 
wanwyjBuaTnm—AU 4] iu*d| 

Uta*»e«Fml_ fete 1JM 

UtaceeyPratoTg.,. 3 g 0 7 7 TLSOta 

wanary l«£Sir7it_bU55 Li2tta 

K'arer, SpnaTa R*8S liW 

WHtdley GU&al SataeUan 

AhwsBhm Etattr SJO-DO 3171 

Caraaa Erara ■ m n J8 uni 

Cara* Em4> B4 41 laail 

HwgKan«EaMy — ~|(4 41 4 47 

JBMn Erertr B11J7 1207 

S-tWwre & MalerUS- JS10.« 1087 

UK Carer 1LV 

USASat— I M te. 4.71 


HICA.HIOAA 

Bank of Scotland 
36 Threadncetfe Si. EC2F 2 EH. 
Moner MU Ckraut Act. JB10 

Barclays Prime Account 
PD Bat 125. NorUumptwi 
nip, mt caw 17875 

Benchmark Trust Ltd 
9 Htnrretu Placr. W1M MC. 

£5 0or-tmno3 W8D 

E10 OOl-CKUMO ia 

C8800+ J4J0 


78*1 ULA! Iloi 


, 0 1-628 £060 
6841 8J4I MU, 


6831 


01-6313313 
9*31 6ne» 
4.7« fiats 
9.971 fi+ntt 


03-606 

ft. 


TyndaU Gtordian Mngt LU 

TO Bra 1256, Hunttapi. flerewda 
T-6Anerttra pWJl 




Demtse Mart Bata — toM«ft06 50.72] 

Ecu Bata Ucatajj WM 

tatarllitaa Sm lmil 

Sum* Burnt 1*.«0 SM 

Em®. Fram Bad fcFr *78* 

12 4fi4 

I.7B 5831 

laia 


USOOlUrBore 

Sinina Merer Market - 
115 DMUr Morer Hkt _JS46fi 


-027 — 

-01C — 

—083 — 

-OJU — 
-00* — 
+DJb — 
-0*7 — 

-085 — 

-0J8 — 

+OJ3 — 
-007 — 

-flj* — 
-881 — 
-083 — 

-ora — 


Brown Shipley & Co LU 
Foumrm Court, LHMavy. LoTflOfl EC2R 7KE 
4633 

DnuM Are kL50 6431 4231 

Charterhonu Bank Limited 
1 Paiemotter Po*. EC*M 7DH _ 01-248 4000 

Sirmw WOO 677] 4J7 Ujn 

U S. Dulljr_ |bflQ 45a 633 un 

Cornu Uana [350 --bJj 1*5] Mn 

s-mfrita, Eso 13S 2«| uta 

Jawnmr Vti, BJO 28» IfiSI Ma 

Citibank Savings 

Si Martini Hie Hammo wm h Grose Dl-741494! 

Money Manet Was BCD 7JW (111 Nil 

Far Mho mu drew Vmm are N W, (U-8Q& 4766 
Co-operative Bank Cheque A Save 
78-8D Comau EC3 0l«26 65*3 
E50OCIM0 S-J1 «g MtJ 


-j7JU 


ft 



Sodete Gawnde Merchant Bank pic 

60 Gracechureh Sl Loodoa EC3V OET^ 01-626 
FFkSaMUtatrCtaB-JFPrlVJdyi&Sld l 


8JI 


. . . . {73,765 

78 VWI Stmt ft«J4 

T-c&ta , Fnnra 

TyndaU IntenuUnnl Assurance Ud 

Aihrrl Howe Ji Peier Pwl, Caamiejr (M81.27066 

lifei - 


Wanfley Investment Services LU 
4tb Floor, Hutchteon Home. Hone Kona 
WMjet WMa As. Fi _gb582 U.7« I 0.72 


~ Waxier HUreAi Pi 


— Standard Bank Fond Man agers 


7345 


— LaLSteriltaf 

KWnmrt Benson Snug 
26368 201 . 

= KSHemtaatal 

11.49 ksj 




■HUB 

Street Fa Bemural 

TmmOuHKMtFil 

Tireint wfirwe.Fd., 

^■IMM CM 




3 


rwererray- 


r Ufa i 


CramrfBa Maaugoneid LWtad 

TO B« 73,8* IWer, Jersey 
f ii r i n i r *nr‘ T ~ lfy - > ** V M*.. 

Hnudate0«0«*r® na> 



— ■ snraMbinFd 


CL007* 
Y1943M _ 

19947 £81 
lU HU- 


LA* Royal Life HrtL LU 

ESISsi 

i 



0624 89051 


0990 26048 Anttaqy WEBB 
GaMFtad- 

l&sre 
Usl 

Standard Chartered Off. Money Mkt Fund 
TO Bo* 12% St KeOer, Jersey . (B34.74454 


r anO M.9 



PiuHcEAtaj 

77X5 

2332 

34J5 

L2U 


KMAiDcr.EMr 




mo 


U 

50 










— SreuFtaC- 


— -I — U35k 


6. iu drewq mm n DaBy cung. 


— nKtaMAIn 1 - 

-hi- -■ — r, i- ■ 

SWBTtftwrert- 

— KB Oik-. 

Ug surras Auet*i 

— -*° w,r .?1i^* l * * 44 -» retata* re eitatarey 

MWMwtt ww . * 


- 5Ma*Si!±dgS 

rd - Royal TRtrt Fond Moqt (CQ LU 


Ei 


urea osswsi *A*r 1*- Km ostaag Mi 


TOSwft fteraeii 

ttarelaiirelUF 
ft 6(40 


«B hM> jFtetd Mfra W 

POBMlSa.SiPetrrl'art.CreT^^ 

awpr 


DM CWTtsCV fd . 
SkritagCrefmyFV- 

Sr.FaM. 


GrafuRd hmrt - , ..... 

JXB, 


m •■£. MPofmlnfter Jersey FA Mgra LU 
341 2Sn5Bra*da,aMefe,4MW 

SS saaaas?. — * -zd SS *«* Mtunrtu* r± Mngt 

7 - Ktrf fi Aft Wtoinaiwra.jrese, . 03 


Print m Ur Uicd dretag N« a 
America Bend Fd 







d *! 


1M KWraraft ham Uwh) Fd inf JJM M***i*V*> 

** "-saessLi ms nM MMw 

KftssEsnsi a ■ 


— ftupl Trast Worth A me rica 


SCVTCCHSA 
2 Botaeraid fteyta, L asenAiou r tl 
SCVTreSKAV I BA29 


f aooo 

— Safer* Futures Fund LU 
— cfti 135 CaawoSC London EG4 
MSVH^3,-- ..n7.<fi 



^ 3EBK 

«» “%?*. JpnBwtt.fleoN, T#fc|n4saBa ^ ^ FdBd Sue & Frasper te to afiaatl 

ttesooer Lraterinh Oddiort Ud TO - PO Bra 7lSTOr, Jersey 

BoFTLBnta-kOtaftRaMTwBm^jhM rS’ , 

aOa fflgMma I3jd 8gjgS£==»* 


1U0( 


276 tSjtotertFkodBg AC* 

|£ RAVereo IAH3JB BSSELW 

Trast 


1 - - Kama 


01^(056 


053* 73933 


^5 Fuad piaiu Karan lawn. Trwf U Ud 
y* ^ tt ^wm1taSS.^-*ta OSBLNliS*** 


Wfcka ML Cap. Mngt. Co (Europe) LU 
tfa M Bra 103, fitattray.CJ , 0481.21958 


11 LksareCreReiFat 
U uunlC*r*reFari_ 
0.7 UweCreRHFdDM.. 


S*J 

ZxuTt+ren free no akand — ore* rein 
ZS+Z 1 ?«rSitantaa- J 
3«oM mm, far farere-erei * ra«A ta I 


H h LAurOCir ftttTdDKrBM 
■ turn fire R*» Pe n wr| 

OH UuMgardrifOMU 
63 UlMdfnraiWFiSl 
ere* Lewrt ?*«•«.-. — 
rare iAftJfaiBA* — 

800 uitaWta— ra 

uretaSratrelaJ 


JHhdaTtadl 

KneCemmlmFd. 




— FirEaseM 


-MS 




K Neman Siwffi Find SA 
26 2 Boahrard fcsH Lueretaara 
M BW Ifar 12 W7J1* 


-I MU - 


IS Nwwn pradtuda) CtefeM Portfolto 

_ j 

ADO ” 

"orthgate UnN Tst Magr. (Jeasty) LU 

BOO PDBo*62,SiKri«rr,Jmcr 0S3473J4L 

U FtaMFralH*6._-.-*17S <728 I 



- us* 


Sn raagPaw ta 


1 OJO 


Sterling Offshore Fund Admin. Ltd. 

106 lUtt Street, Gtaliar. . 010350,71548 

Propwt i Btren ta o U0.99 Utl 1 — 

Strategic Metal Cant pic Matri Fnttas 
5Brebqtte6d«,l«toeWlXU£ , 01-7346102 

inJ =J = 

j Mooes Ltd. 

WAM Street, DoogU, loW . 063420B45 

asasstsdea d = 

■m ossllnfl dMss; Mar I*. 26 

TSB Trust Fends (Ci) 

26 HHiSt SI Helier, Jersey (C11 

TS-BGsirtedLtt 

T5BGHtfB4JWJU0.. 

TSBfi^g^SfiuKS^ ..NW 
15B k"»t Pw«awT!Zl »».l 

praam itae u. ran** ray »* zl 
T aM Find 

Cfa P nta ratfaH ume Capital Faretao 

9De*oaMnSq v Loeaan l EC2tl4HP 01-6232*10 

MV BT* IULMJ*. m 0SR882 (U9 1» 

TNwu (BOG) FB8d 

da Vkfecndl Crate Ud, Ktog WBtee Sc, Lsrllon EC4 
0-623 3*94 

HAV SB67. ID* otae inaJAA 

Target Interaat Managed* ct (Jersey) LU 
TO 80*4*3, St HeSer.JetMf. . 0S34-75M1 

iMentaWBataTM-Uzte 1{0^ -OJid - 
liny GrotaO Frea-_!az99 12A7I - J 839 

Target tatenaUanl Mngt Ltd 

174-177 Hrgfa Hates LooSO" WC1V7AA 01-068040 

^ - 

The ThaBand Fuad 

c la Victertdc Crate U4,I0TOW™W Street Lonooa, 
GC4R4AR 0-6232444 

HAV BtM B2TJ7S.77 mu Ufa 0551200 71 



WestAvui Secs. (Guonsey) Ltd 
Borough Hse, 5l Peter Pott. Guernsey. 
USSOoom Sura 

Hire ■ ncore 

fcmwttawta 
JaataFsta- 


0*81 27463 


World Bond Fund 

Managers M Baa 140, St Heher. Jersey 0534 74715 
WwniBoaf Fsta HAV-J &7JM I —J — 
Ire M tfinavy wtavt) ire M u freu. LomSaa 


- Worid Capital Gruarth Fund 


Si Heller, Jersey. 053474715 
U3.99 I . .1 

In A ta Ucroirr wmfairj In Mra London 


Managers: PO Bor 190, , 

IHarMCieGahFahAVKlJ 513.99 I . .1 ■— 


World Fund 5JL 

2 Boulevard KoyaL Lraonfawrq 
WarUFraSUAV I SZS.H* 


I — .J - 


World Wide Growth Management# 

10*. Boolevanl RoraL.LraemOows 
Ww Ma ta Cm FO— — — 1 51950 I -OJJ5I — 

Mr. 4drJ H. 4 C. lev. UagL, LU. lam 

VaoDdcU Capital Mngt (Guernsey) LU 
22 Satan 5i, St Peter Part, Guernsey. OAmzJ76S 
Jnra tin* brain-— J Sll« I -423 - 


If. 6. Tyrrefl & Co. LU 
3 mgwn Pin*, London, W1 
Orac B1A.95 U35i 


-J - 


US Federal Secartties Fund SA 

2 Bataeuara Ratal, Lsreattaurg Tel: 47911 

HAV May 12 I flAm I I — 

US Index Fond — SICAV 

16 Boaievsnj RojeL LnwrtWTO- Tet 46238* 

MAUMvIl I 51223 | +0Jd - 

t£S PacMc Stock Fond 

15 Avene Eatae Rmter. Uratatawg 

HAV Mo. lt ..J £17.79 i 1 — 

US. Treasury Secdrittes Find LU 
P0 Bra 48, Si Peter Pita. 

Slot Terre SimrH -J 1£TL67 

Fired 


Yamfdii Dynamic Mngt Co SA 
10a Boalevwd RoyaL Lueemism 

taracmiTne — -(L07J — 

DrOMMC Stab F fl I S7736 I +M7I — 

Zero Boad Fund Limited 

TO Boi ZOfl. St Peter Ron, fiaenoei , 0481,26268 

ZereBotaFuBO 510-97 . 12681 1 - 


Dartlngton & Co Ltd 

Dartlnjton. Toire*. Devon T09 6JE 0853 862271 

Horry MH Acc J9POO 6.711 9511 ft 

HeDdenan^Bank Of Scotland 
38 Threarae role St EC2P Z£H . 01-628 8060 

Maart mil Dreue Ac: JftlO film 8591 Mtf, 

Legal & General (Money Mngn) Ud 
355 Eiaion Read. NW1 3AG , 01-3883211 

H>ga in Dm Ate- — — J8.97 6.751 9 A# Mr 

Lloyds Bank PLC 

71 LoniurtJ SL Lonaon EC3P 3BS 01«615M 

U0DD-(*.4W lb 50 550 7A4j ft 

L5 .000-49 449 __b(30 5J» Blrf Qtr 

(iouao»*4L44i pie biw gjta to 

C50J06* bud 6401 113 ft 

M & G/Kleimrort Benson 
MiG Hit, Victoria HtL. ChetosKwl .0245 266266 
H.ICAIX25M+1 — 1825 623 8.7S D+lr 

Midland Bank pie 

TO But 2. SfieftiFid. 07425286551 

Hire ire UoAa — par kgd a.«t 

□OCOO + faZ< 6201 BM 

M.I.M. Britannia LU 
74-78 FiroOwy Pranm, EC2A LTD 01-58 

Cole* Allen AS 62063 67SM 

KatWest Special Reserve Accnuot 

41 LotfaMry. LoretaV EC2P ZBP 01-726 1000 

£2JKBre,t9449 _J9B0 b874l 4M 

D 0.000 res more MS 7JS* U6 

OppenboJmer Money Mgamt Ltd 

66 Canal 5l.EC4N6A£ , 01-236 1425 

Money Mnyc Aen feJ3 623 673 3-Utt 

Phillips & Drew Tract LU 
120 Mowgaie. London EC2M6XP D142B4771 

HrainWaArr ■■ ..BOO 6.77) 952 ft 

Provincial Trust 

30 Asnley Rn Aitrindam. Ctatebe _ 061-9289011 
Hire ire Coo Act H5D 723 10.123 Me, 

Royal Bank of Scotland pk 

42 5f Andrew So. EtFatruroli EH2 2VE. ajl-SGjOZOl 


Qtr 


12777 


ft 


PrenunAccsuiv 


J8J1 


AJSl 67 


ft 


Save & Precperfltslmrt Fleming 

28 Wesurrn Ra Romtord 4M1 3LB. 
HI£A —Jill UOI 


Brutal 




Money Market 
Trust Funds 


Unto Invest Fd Mflt CoSA Urn 

London & Cent Mental Sa*« Ltd 
Z Throgmorton As*. London 01-6386111 

lira, I ms. fata- — JKA7257 7«5Ci 1 — 

Unfllfe Aiumnce (Overseas) Ud 

P.O. Bra U»6, HamiRan 5-H, Bernrate 

ssasxteiiig m 

SfarA+a Fata IB r * — HSI 

U5 ftwFliMIB Fd_SU* LZ3 

ECU Boofl Ffl— ■ FtALOT UM 

nu e wi Otafata ' FiLgm jot 

LWi U rae j ul 5Ug MgLJ— 1241 

UnisD-InrestiaeiiLGecBBsefeaft GmbH 
Pnafadi 16767, 0 6000 Fnuu»ri 16. 

^ JaMtaW sud +0201 (UO 

PemCtaiFOMiyT — 4«in|l *3 Oft 

Uarame DM 37 33 3&70 -OJO 020 

Viking Fund— SICAV 
20, Botanato EnmMtoel Srrrfav Lmemfcaorg 
naV Vn 12 Ea 10325 


Cray 


Gr Ehw 

Net CAR in) Cr 


Charittef Aid Fodta Money Mngmt Co Ltd 
Snole Hall, Sow CL HmkMKOL ECJ . 01-2836*61 

CAFCA5H Call Fond |U6 64ri 81S 

C4fCASH7rayFuad^£3 6J8 AIM Xata 


The Charities Deposit Fund 
2 Fpre Street Lanran^ CZY SAP 


- Daft 


01-5881815 
953 — I Mi 


The Mosey Market Trast 

63Qn VlaarttSt EC4N48T. 

CttFuM — ..-§. 50 

T+tpFta. — « JB 




01-2360952 
AMI fan 
9271 Mai 


Ogpenfeetmtr MOBiy Manroement LU 

66 Conran St EC4N 6AE 01-2361425 


CtaFta..- 4" 

7+i,frefl 

Nfa — 5*4 


6541 
67* 
4 14 


awfiun 
9*1 b-Mta 
STS fi-faw 


CiiefaPUAcE.. 

J. Henry Schrader Wbgg £ Co Ltd 
Emrome Hoase. PairasoA 0705 827733 

SaKUiAo Jjjo 564 7.441 Mia 

UADHftataM —.7.75 5JS 823 Mtti 

Western Trast & Savings Limited 

The Monrycemre. Plymouth Pt 15E 0752224141 

Hire un cm Ace WOO 6771 453 ft 

Wimble don & Sooth West Ffaianee Co LU 
114 Newgate 5L London EC1A 7AE. , 01-6064485 

HraMCkeoueAcc U0J3 7.73 10671 ft 

NOTES— Gnm. rue to anr ewnpt Inn conoostc ntr ol 
tax. Hat nut rat after mum* ri CRT GrEftvCAR: 
Grea mimua! tfl USD rue taatnyerv-eonraradU aamnl 
raw. latCr heueoct anerec vwrl 

UNIT TRUST NOTES 
ft tct an in pence unlevs oUirrwte inSatnl rad (hose 
aeugraiH S oaa no sreftr reier m U.fi acilin. Yleft 

5 isnxre n Im cofaimi attow lor ill lanno evaenses. 
Prices si certain oxlrr (murance MOT elans ubjea u 
capita! gun la* hi sales a Offeree pnen fachme ad 
nmfisei.b Tuorvoncetc VieUDasMonaUerpnce. 
d EstinneiL V Toatj'1 ooening pnu, h Dnuikuion 
free a l UK lain, p rtnHN aramarn atsaranee pun. 
A Single ceermum irtocance c OHerto arc* incluOM 3d 
emerocf eirapt astwi w-nrimion y OHered once 
Or: ban aH npenev a tuagta ihroutfi mjragerv. 
t Prreutii d*r v critf ' Gue-n^y ortas i Sworreied. 

6 V*m Wore JM*7 u* » Ev-faWwimn. a (My 
an, imp to cnamane doom. 0 Vie*) am gwt 
annual rj^j ram a NAV uicrrasr rd r, omorno 





























Financial Times Thurs day May H 1987 


LONDON SHARE SERVICE 


% 






























































































































































































































LONDON SHARE SERVICE 




3 ] 3lj|*Uarjit“ Pet N L J 7 I>-Vj _! 
24 i 11 IgWar&nm: Oil 5o__] 22 1*1 _! 

ft 3 !::««» riniSfleJ $ . . f — 

37 i 25 INc* L ondon &* 5o — I H I. . 1 — * 

£17h| £13 VNd*i. Hyflre hr 25 £17V .. j Q18SJ 


58- 23 *}NUi Sea & Gen In* J -57 .+J, -1 

84 lb UINonh W«l Ettfn. .1 75 -1 . — 

lilj 4 |*Otiio R« I 10U. .! -J 

41 23 vOiifieic Imp. Srvc J 30 1+2 I — 

48 12 , ^i;0i(vrrl'flosia:_J 43 i-5 1 — 1 

&*a* 3 >*1 Pa-jr* Pn. I pj I -l 

70 i 44 #P«teOli J 701 1 -i 

24 I IS HTPemw Res, j U t — I -/ 

•60 39 pNrtnillOp ■ M* ... — ; 

-106 I 58 IPetnun !2i2p I 91 -5 I 24 

£1B6 OS5>^«PMror.naSA &73 . lBFr3*£ 

29 2D 4PeiragN Ptooiewa J 22 1*1 I •— > 

5V 3V*Petra:lOc 1 I 

45 34 |i-Po.tV.n J 38 L — 

5 it 37 , jlP»eniief Cois. S3 1 +I 7 ! — i 

355 2bS ftu^erOHlI .'323 1+23! —I 

E76fc CM Sojal Dutdi FLiQ 1 C7W+', QIAD^ 

303 167 frWsAOJS: — J 303 1+4 | uCltej 
31 19 ^ SdWi.>+ Pn SCb 30 i+l I — I 

218 125 lYScemrrRKil | 208 1-3 I —I 

032. CIO 5beUT.am.Re; £13 L.£ 43.S 

72 62 1 Do 7 bcP! El j 72 i. ...I 4.9sl 

256 158 SllkoJene- J 253 .. .1 btf 

26 12 frSaan.itstRM.40sj 21+1 -I 

•78*> 36 SflrempiOrf J 68 -3 I H 

66 I 41 fcSontOhl Rojahylp] 56 . .. | — 1 


66 I 41 ItSSon IUM Royalty lp J 56 I. .. — ‘ ' 

32 I MVTREnew .] 2SIJ+1 -j 

E74M £57VTenco 4^pc Cn>. I E74JJ+2 ( DW.V 

ZOS 1 1D5 Tmoc Ret ASH 25 — 1 205 .-2 l*025c' 
E5«jl C44ijiTotal-Cie Fr Pn B — 1 £544, 41, I ,303.1 

ia2ij| 74 fTneemra’ 1 101 1+3 '■ — j 

£461.! OP.IncrnrW Upc C. Lx _ £9H,«d+3 i Qll%i 
205 120 Irnon Eirooe 5o — I 205 1+4 I -I 

2a 14 *+TbW' RtS IrSp .— .< 23 1-2 1 —I 

254 | Ib2 lu&ranar i 245 +12’ 52S 

112 I 69 ■VWooesorASOc I 99 l I -J 


1987 [ I !+ orl 

•Ugh im I Stack 1 Price I - I 

8 U ISSESizd 8 fcf I 

161 119 tCAMiigiofl Con . 161 +8 

106 SO TmayUamn) f 106 1+3 I 

11 BUFjisj Pacific l«. — 9 I ) 

■£tt £42 CN Great Nardc OO. £44 j -2 I 
533 462 :H , rtfi».Cfw.a-_J 533 U 23 I 

677 535 IlnchapeCl ! 67601+161 

292 223 lUortel— 1 2S8 1+10« 

106 83 Weseo Invests. { 103 

88 65 iOceaiWten.200 — I 66 L ..I 

405 290 IPm'ios. ZoOl IOd— J 40S 1+7 1 
405 290 I Qo.-A'N/vIOb—J 405 1+7 I 
294 134 lPw>Pw*lnU10o._i 294 1*10 1 

an* £H»; Do 9pcCwLn '03418 -' E145VI+2 5 1 

231 1198 iREAHWgs. 1 198 I. .1 

88 59 ISiar Darby KS05 _J 08 1+2 I 

685 625 iSurlBros. 675 L.. . | 

160 127 frorerKeim.20p — 149 |+i 
154 124 1 Qo.8>0cbitPt2OpJ 146 l+t ! 


Rgb Lav I Stack I 
Rubbers, 

5b | 43 Ungie-EanPiMs 1 

97 I 69 {BenanlOp— J 

94 I 70 Cent. Plans MS05 I 

96 | 70 tnrdCMUlOa — i 
20 I 96 iHornont Mty. PI USl-i 

73 | 57 U50c 1 

76 I 58 fkub Kepgng MSI — I 
63 I 52 iRaaeEvamlm.lOp-J 


Teas 

860 8*0 huxnDMaKO 850 |..„ 90j 36 1 15 

£22 D9 bwr«Cm.a £21 M ... «Od 26 25 

400 228 MlaadRUKia 380»-2 6623 45 22 

340 213 fcifl.4gcCw.Pf. 330 B.4%)13_2 35 

Q4I] £U MlerwO 03 ...... 20.® 46 2 S3 

755 1580 IWrttsmwoO J 745 L._. 20016 37 


MINES 

+ ar Oi* I YU 
Stack I Price I - 1 Net JCwIBrt 
Central Rand 

Deep HI j 855 (-8 I QlOfcf 9 1 36 

jxJ Pm.Rl 720 1-8 -I — I — 


£10 625 bcrtai Deep R1 

742 412 Eay Rapd Prp.Rl 

0031] C54^k8m<i'rEsLR 2 — I 
130 70 5knmrr & lack R0XI2 J 

323 150 Wen Rand R1 1 



OIL AMO GAS — Continued 

Stack Ipricef*-""] M idflb^PT 

295 163 MSMO__ 1 2Wrf-2 I 70! 6 1 34 t 0 

205 155 1 OoL-tJorlfti ! 161 1 . 9997.' — — I — 

USUl I05 , jj OiWatCmltTia^ 120 ‘y + ‘2 I 963": •! — 1 10.9 — 

48 26 ^vLrundrrPeL59-.-J 41 • j — I — — — 

6 >J y.-Vtt^neiSriwcAlOc-i 6»;L_.. I -I - I - I _ 

29 19 ItUanneic lOp J 21 I . ...I _l _ I — _ 

101] 71j^Mer.(J'>«n0ilNV \ lfcjUij I — I — I _ 


♦ jza; ♦ 


OVERSEAS TRADERS 


PLANTATIONS 


Price I - I 

Palm Oil 

49 i-1 I 

97 I I 

83 1+3 I 
95 1+2 I 
109 +2 ] 

61 ...I 

73 1*2 I 

U 1+1 I 


2 J 


Eastern Rand 


QlOCd 12 1 222 
90533 » 6.7 


MINES— Continued 


- ! s’® ! - 

3 0 j 3 1 ! — 

eIe'S 

1-7 1—1 — 

- [ u |i ' 

— i — i — 

23) 1 45 J* 17iU 

« 1 9 J - 
U *32 1 236 

E|Ei= 

— i«>5 — I 

— 1 05 - 

— j 56 - 

— Ifii 2 i — 


1987 

Wgk Law » Stack I 
Baijl 49lx*Gen Ea? 6 MtrerahJ 
569 H45 >CM Kalgewle 25c.. J 
121 I 65 VGreat Valeria Cb»S J 
300 >160 <9Ha.k I<m»n«20c J 

92 I 46 tabi' rJinerah w.i J 

63 I 29 frlndlan Ocean Ret J 

8>^ 5 leinaa Parific NL 1 

45 22 heimirtaWe Cd 20c ! 

55 1 26 Wo 30c. ! 

203 J 43 Jpjjion K inir«} 20i ■ 

U6 1 47 taJlngelbc Mid» . . < 

147 1 55 tUuiia 

34 I 8 !*UtUi3 M*n2Q:..._J 

61 | 39 *KUOr4Gol3Sl — J 
6b 32 Wkncntfler NL 25c. - | 
45 1 29 frMepnou"ai5c...-..i 

86 I 39 j9Heub Ex 50c 1 

IBS | 357 VMcUnS U.vyati N J — I 
92 1 55 •fMw.a'iur Mint 20c J 
167 I 95 9TMIM HWjsSfc 
fii.4 4 jtMineliclih End 25c J 

56 I 33 JBMiisul Sms. 25c — 
571;' 13 hpUDwn SurpKJ 20c .. J 

153 I 5b l*NBrno«)r Res ML — I 

1*3 | im i«Nonr. B Hdi 50c.. J 

■Bit,- 39i]jKih KalMill — J 

37 - 24 Waitbfi49e50c.„.7iJ 
58 1 31 !90li(r Eearn KL ...J 
219 I t>5 ^Pankesi Mmin425e.l 

167 1120 jVPincort'l 25c J 

45 > 26 , 9F , »r*jOflR' , i»irteiNL.I 
243 1 109 IPanncu Mn4'E«B 5t>_* 
363 1 2*> krPrt>ttailHD*0 5Oc-l 

56 j 31 ifPeisanRnBL 1 

17 ! 13 ftPunnun Mirjnp I 

54 I 21 tOu«a Manjarfl GM>. * 
74 ! 31 iVRegen; Mining 20c. J 


38 I 

93 -8 
78 I 

icz 1 ... 
27 1+1 
61 1 .. 
£4 I. .. 
43 1+5 
M |+I 
60 -IS 

80 I 

165 r-Z 
7 I . 

39 1-1 
42 I. .. 

138 | .. 
168 i+l 
81*1+2 
25 1 . 


43 ! 

243 +10 


1 Ofl j L2 


j - H 1 


I 

04Cfl?| 

i 3 e ! 


Set IcvIsrtlPX ■ 

aD.4* — | ID I - 
OS 6fl 1 05 ItB-5 
7.0] 4 64 I ♦ 
4.15115 54kl52> 
ODibd f llBl# 
lSJ 12 1 24. 1241 
HU? 10 1 52 K2651 
Z10-q20, 43 I U 8 

63091. 17 ! 53 k!35i 
m2.® - I 2.7 - 
♦b2-5i 20 1 52 Klim 
16.51 82l2^1bB 
16jl 8.2 I 22 I 6-8 
65.63 bJ I 2.6 bJ 
fWtJ- IM - 

20l 13 1 14 I74fl 
08 cJ 1.4 j 2J 131.9 

o3i7ii m ill 

bi?3 - 1 14.I - 


54 I 21 fOucta Manjarn GM>. * 
74 ! 31 ^Regen; Mining 2ft. J 

514 2M HfaenHonSOt 1 

33 18';>Sareon Eipir. NL .71 

790 363 *VSomG»J<i3NL I 

35 15 tVSmn. Oul Jirieb J 

22 9 *&Hiinrm Pa<Ac 1 

151 7* VSnutnecri Rrt [ 

19 8'v»5cu:f+rn Veiruw. 25t l 

55ijl 25 J9SF4r;M EipTtt. J 

a I 17 >V2unRn20c ! 

67 24 '9Tftan)Pi Mining 25c. I 

107 I 70 VUic Oold'iclO. NL _ 1 

33 1 13 IfWrv Co.'* 25c I 

34b <l->9 (Wrun. Miamg 50c — i 

700 1247 ry wmm Otek ZOt 1 

77 I 54 hpWinthtx fir. NL i 


T »n 

175 14D UyerHttarSUl 

68 30 lOmo. — J 

60 50 tafngBtrhadUSOjflJ 

103 51 Uamai 12'.-p .< 

66 39 (ftiauy^a Mug. 13c J 

125 105 jPeulinpSMl ...J 

90 75 bongti BouSMl .1 

ICO 90 *Tjn|onq 15b I 

145 110 !Trarc<i SKI I 


573 1-15 
27 


_l _ | 

02fc]u : 


btuocju 

I 032 5? 19 1 
l QlJcjUl 


53 +1 
107 . . 

23 I 

341«c/-5 | 
525 i— 40 1 
69 1-1 I 


aa?.7tfl.2f 

QUcj lb. 4 | 


155 I... ) tOOT^OJ t_ 

8 

66 nt ...I t 

115 1+10 | vfllOc* — ZJ 

100 L ’ ’ t H — — 

140 id . ... : t«Q45ci ofl t 


140 84 

90 24 

290 162 

t>9 36 

288 159 

£12*a 9*3 

355 190 

£24 U £17,’. 
44J 167 

150 8b 
100 38 

580 200 
2?7 104 


Iftrokj- Doenni an | 

NrCae, RnCorp. — < 

(Com. CJurcn Ji3c_ 

k’Enne, Im. ItlOp 

pieenaKh Rtt.— — . 

nemlaGoH Mmes 

tVH 4 b«Doo Res 

'Humettatf Mmng 5lJ 
jyMcFmle) Red Libe.J 
VUasio Expiaraikm 
Phew Sobitu Res CS1 i 

Nortngau CS1 J 

Mor-QuM ACSflutH J 

RTZ J 

Do. 9<]pclJi ‘95J0W . J 


Miscellaneous 


Iflmilo- Domini on 1 103 | . — J — | — 

Wtaiftr RnCon. — j 75' .4—1 — 1 — ' — 

Cws.Kurdi IOC 240 .. 1*060^44 7fl 

l‘>£nne« InL IrlOp 61 I . . -H — — 

iGiee n»Kb Res J 288 1+4 — — — 


2S8 j+4 I -J - — 
til's’* i‘, j - 

286 1-18 i -J — — 
£22< l l-‘i I QSOd - 05 
403 1-19! 

110 +2 I - - — 

87W-I] 

551 . 

136 -9 

UtPafll.... 235| 6 33 
£212*0+1’;! Q95;%. 155 ja A 


THIRD MARKET 

1987 | i :+ar| Dh | 

High Lev ! Stack I Price I - I Hrt 't 
475 j 180 Ubefen Graia 10a _[ 375id'-iaj 35! : 
35 28 tUrmeenAmPetlOpJ 32 r J -> 


125 110 lAiued Ins. Bn*rrs...J 121*1 

65 45 )Caulrs( Comms. So _] 62 ‘ 



Unless Mtierwtse bidluuO, prices and net atvkJends are In pence and 
denominations are 25p. Estimated price; earnings ratios and coven are 
based on latest anneal reports and accounts and, where possible, are 
undated an half-yearly figures. PrEi are calculated on "net" distribution 
basis, earnings per snare being computed on profit after taxation and 
unrelieved ACT where applicable; bracketed figures Indicate 10 per 
cent or more difference if calculated on "rut" distribution. Coven are 
based on "maximum" distribution; this comoves grass dividend costs to 
profit alter taxation, exckukng ecccpiional prafitsflosses but including 
estimated extent of off sellable ACT. Yields are based on middle prices, 
are grass, adiuued to ACT of 27 per cent and allow for value of declared 
distribution and rights. 

* “Tap Slock**. 

* Highs and Lows marked thus haw been adjusted to allow for rights 
Issues for cash. 

T Interim since licreesed or resumed, 
t interim since reduced, passed or deferred. 

£7 Tax-free to nor -reside ms on application. 

* Figures or report awaited. 

V Not officially UK listed; dealings permitted wder Rule 535(4) (a). 

4 USB; not listed on Stock Exchange and company not subjected to 
same degree of regulation as listed securities. 

II DeaN in under Rule 535<3). 

9 Price at time of suspension. 

5 indicated dividend after pending scrip and lor rights ftsoe; cover 
relates to prewous divider* or lorecasL 

6 Merger bid or reorganisation in progress, 
f Not comparable. 

+ Same interim: reduced final and' or reduced earnings Indicated. 
$ Forecast dividend; cover on earnings updated by latest Interim 
statement. 

I Cover allows lor conversion of shares im new ranking for dhridends 
or ranking only Inr restricted dividend. 

* Cover does not allow for shares wtiidi may also raik for dvidrnd at 
a future date. No P'E ratio usually provided. 

II No par value. 

B.Fr. Belgian Francs. Fr. French Francs. $4 Yield based on assumption 
Treasury Bill Rate stays unchanged until maturity of stock, a Annualised 
dividend, b Figures based on prospectus or other oiler estimate, 
c Cents- d Dividend rate paid dr payable on part of capital, caver based 
on dividend on lull capital, e Redemption yield, t Flat yield, g Assumed 
dividend and yield, k Assumed dividend amf ytrfd after scrip Issue, 
i Payment from capital taurces. It Kenya, m Interim higher than 
previous total, n Rights issue pending g Earnings based 0 " preliminary 
figures, i Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates to orevious dividend, PiE ratio based on latest 
annual eamuigs. a Forecast, or estimated annualised dividend rate, 
cover based on previous year's earnings, v Subject to local tax. 
c Dividend cover in e'cen of 100 times, y Dividend and yield based on 
merger terms, z Dividend and yield include a speojl payment; Cover 
does not apply to special payment. A Net dividend and yield. 
B Preference dividend passed Of deferred. C CanaHan. E Minimum 
lender price. F Dividend and yield based on prosuectos or other official 
estimates hu- 198687. G Assumed dividend and yield alter pending 
scrip andfor rights issue. H Dividend and yield based on prospectus or 
other official estimates tor 1986. K Dividend and yield eased on 
prospectus or other official estimates for 1987-88. L Estimated 
annualised dividend, cover and pie based on latest annul earnings. 
M Dividend and yield based on prospectus or ocher official estimates for 
1985-86. N Dividend and yield Based on prospectus or other official 
estimates for 2987. P Figures hosed on prospectus or other official 
estimates lor 1987 . Q Grass. R Forecast annualised dividend, cover and 
p/e based on prospec tus or other official estimates. T Fflires assumed. 
W Pro torma tlgiaes. Z Dhndend total to date. 

Abbreviations: m ex dividend; a ex scrip issue; sc ex rights a ex all; 
a ex capital distribution. 


REGIONAL & IRISH STOCKS 

The following ,5 a seircbon ot Regional and Irish siock, the latur being 
cvcted in Irish currency 


Albany Ina 20o 1 7 fed . ... 

Craigi RoseQ QV, 

Finlay Pkg 5p 790 +1 

HolttJosJ25? 930a -2 

loMStm-Q- 106 


125 .... 

£7 — 

E 68 J« -1 
£51 — 

26 

115 ...... 

993 +19 

mU 

£U -it 
29a +1 
E14U ... 
£100 blQ 

oiy 

735 n+10 
675 I 

£26V 

587 

64 I 

CM U 8 


Food 11!.% 1968 JaiW, — 
Nat. 9!,% 84/39 —I £99 V 


Fmi ir* 97/02 1 £115%i -V 

Amotts 373a 

CPlHipgs 58 +2 

CjrrpJ Inns. 145 +17 

DobiinGK 18 

HjIHR.&HJ 100 

Henon Hkigs.— — 28 

Irish Ropes 160 +10 

Unidare 395 -10 


34 L— 
121 L 

56 L. .. 

203 i .. 

23 :-i 
103 !-12 
230 +12 
W +2 
481 +1 

101 

44 ._... 

22r. 

23 ... 

ft* br 

423 f-7 
33 j*l 
111 >+5 
290 ‘ 


♦— — — 

ZQlri “ 04 
201^ — Dfl 

UQ350 0 1 82 

bQ83c 34 35 
022M 4 22 
mej - 22. 
ialwi.7 ; 

4GH L4 2i 

dE = 

dr r 

usi ~ as 
-I- a 6 

















































































Financial Times Thursday May 14 1987 


LONDON STOCK EXCHANGE 



Account Dealing Dates 

Option 

'First Declare- Last Account 
Dealings lions Dealings Day 

AprS7 May 7 May 8 May 18 

May li May 28 May 29 Jun 8 

Jon 1 Jun 11 Jon 12 Jun 22 
* New time dealings may lake place 
from 9.00 am two business days earlier. 

It was another sluggish session 
in the UX securities markets 
yesterday. Equities opened very 
firmly but proved unable to 
extend their gains later, while 
Gilts quietly awaited the outcome 
of the day's sale of Treasury secur- 
ities in the first of the Bank's new- 
style auctions. 

The early rise in equities, which 
took the FT-SE index up by 20 
points, largely reflected buying of 
a clutch of the blue chips, on the 
back of investment recommenda- 
tions from brokerage houses. Also 
helping the mood was the expecta- 
tion that today's (Thursday) news- 
papers will carry the latest opin- 
ion poll surveys, which the City 
believes will remain favourable to 
the Government. 

But once again, the action was 
soon over, and equities closed at 
almost the same levels as they 
showed at 10.30 am. The Anal 
reading on the FT-SE index 
showed a net gain of 20.1 at 2163-4. 
At 1680.5, the FT Ordinary gained 
10 . 1 . 

Glaxo, which has been the mar- 
ket's favourite share for some 
time, received a further boost 
from brokers Mackenzie. Also 
standing out in the initial surge 
were Beecham, Imperial Chemical 
Industries. Shell and Unilever. 

The equity sector made no 
response to the successful out- 
come of the Treasury auction sale 
— nor, indeed, did the Gilt-edged 
sector. 

London paid little heed to a dull 
start on Wall Street- Oil shares 
stood out well as crude oil prices 
jousted with $19 a barrel. Also 
satisfying for this sector was Brit- 
ish Petroleum's success in obtain- 
ing 95 per cent of the Standard Oil 
shares. 

Insurance issues moved up as 
the first results from the sector 
reached the marketplace. But 
banking stocks continued to show 
some uncertainty, with Lloyds a 
dull spot. 

Government bonds firmed up as 
the markeL waited for the news, at 
1 pm, of the auction bids submit- 
ted at 10.00 am. Marketmakers 
pronounced themselves satisfied 
with the auction, alhough some 
UK houses thought the “ tail," or 
spread between the highest and 
lowest bids, was longer than 
expected. 

Bond prices turned easier after 
the auction to show minor losses, 
as the market squared itself up for 
the further sales of Treasury stock 
to be held today— Elba of secur- 
ities maturing 2002-06. 

Jaguar shares weakened as US 
reports of a mechanical problem 
with the new XJ6 saloon pre- 
empted a statement from the car 
'manufacturer recalling the 4B0O 
vehicles sold in the UK for mod- 
ification of the brake power boost 
system. The component at fault is 
believed to be privately manufac- 
tured, and not by a leading public 
group. 



It has been modified already in 
models scheduled for shipment to 
the US. Jaguar shares fell against 
the general trend, but recovered 
from the lowest level of 552p to 
close 8 down on the day at 560p, 

Reed International advanced 21 
to 455p as the company announced 
it is considering the sale of its 
paint and DIY group which 
includes Crown Paint and 
Polyceli in order to concentrate 
.resources on the remaining 
businesses. 

Key members of the division 
have approached the Reed board 
with a view to a management buy- 
out A number of other potential 
purchasers have also expressed 
an interest in acquiring the group. 

Barclays were outstanding in 
the big four banks and jumped 15 
to 542 p in the wake of reports of a 
brokers bullish circular. 

TSB attracted a substantial 
business, with more than 20m 
shares traded, and touched 94p 
before settling a net 2ta up at 93p; 
dealers said the shares had sub- 
stantially underperformed all the 
other major issues of the past year 
or so. 

News that Kerry Packer’s Con- 
solidated Press International had 
built up a 4.4 per cent stake in 
merchant bank Hill Samuel— the 
fourth separate Australian or 
New Zealand group to take a sub- 
stantial stake in the bank — 
boosted Hill Samuel shares 9 to 
508p. Other merchant banks also 
moved ahead, led by Klein wort 
Benson, 19 up at 509p following a 
brokers lunch. Mercury Inter- 
national put on 12 to 372p. 

A buoyant insurance sector 
showed Commercial Union little 
changed at 332p, following first 
quarter results In line with 
analysts forecast General Acci- 
dent, reporting first quarter 
figures today, jumped 23 to 948p 
and Royals jumped 20 to 919p. 

Breweries tended to miss out in 
the renewed upsurge. Small 
investment interest took Bass up 7 
to 969p. the interim figures are 
due an Wednesday, and Guinness 
unproved 5 to 338p. The latter 
group has placed its 14.5 per cent 
holdings some 43.3m shares, in 
Greatbrand 5% per cent Converti- 
ble preference shares, raising 
some £43m. 

Cement issues were in sparkling 
form and. with stock in short sup- 
ply. Blue Circle gained 27 to 905p, 
while Rugby Portland rose 8 to 
246p. BMC moved up 16 to 888p in 
a restricted market Elsewhere, 
Meyer International put on 11 to 
385p following publicity given to a 
broker’s circular. Bryant Holdings 
gained 7 to 97p reflecting bid 
speculation and reports that some 
23m shares bad been placed 
around the 88p per share level. 

In the Chemical sector. Brent 
gained 15 to 189p reflecting the 
confident statement at the annual 
meeting, while Rentokil rose 12 to 
206p in reply to a “chart buy" 
signal 

Stores made rapid progress at 
the outset on renewed strong 
buying fuelled by hopes of further 


rebound in sluggish trading as Gilt-edged 
auction passes off smoothly 


FINANCIAL TIMES STOCK INDICES 




May 

12 


May 

May 

7 

Year 

1987 

Since Corn&nau« 


May 

13 






11 

8 

ago 

Wgh 

Low 

High 

Low 


93-02 

92.92 

9355 

9252 

9253 

92.43 

93 52 

84.49 

127.4 

4938 








tas> 

I6TU 

n/iasi 

00/75) 


9854 

9855 

9039 

9835 

97.44 

9730 

9854 

9023 

IQS .4 

5053 



0315) 

(20) 

(281847) 

(3fU75) 


1,6805 

U70.4 

1686.9 

1,6587 

15283 

1,3208 

1,686.9 

QU51 

33202 

am 

1686.9 

085187) 

49.4 


W6MB 

GoM Mines — 

421.4 

428 JL 

4285 

438.7 

4465 

2518 

485-0 

PRH? 

7347 

435 







Q 4/4) 

119/2) 

05/2/83) 

(360071) 

Ord-DU. Yield-. 

3.41 

3.44 

3.41 

3.47 

354 

4.14 

S^. ACTIVITY 

Earning YltLItCfuil) 

680 

880 

8 53 

327 

859 

2085 

Indices 

May 12 

May U 


15.00 

1585 

1539 

14.92 

1468 

11.93 



189.4 





4436 

4133 









37333 

3,9945 

Equity Turnover (£iri)__~ 

— 

159960 

148159 

212467 

159950 

601.93 

5-Day Average 

Equity Bargains — 

— 

68,455 

63,762 

62364 

52.960 

23530 

Gift Edged Barhams — 

1963 

3806 

3^966 

200.4 

3573 

38915 

Shares Traded (nd) 

— 

5855 

5733 

822.7 

6068 

2953 



Opening 

1683.9 


10 a.m. 
1683-2 



11 a-m. 


Noon 


1 p.m. 


2 pjn. 


3 D.m. 


4 p.m. 


16835 


1685.2 


16823 


16823 


1685.4 


1679-9 


Day's High 1686.6. 


Day's Low 1679.4. Basis 100 Govt Secs 15/1026, Fixed lot 1428, QnSmrj 117/35, GM Mines 12/9/55, 
SE Activity 1974, -NII-14.67. 


LONDON REPORT AND LATEST SHARE INDEX: TEL. 01-246 8026 


fo 670p. while Um riw spurted 10»* 
higher to 288p encouraged by the 
possibility ora late-Jun? listing nt 
Tokyo; marketmakers appeared to 
be caught Short of stork- 

SS : 3?S?--S SBBSSSff-'tit 

„ . „ hnt miihm Jaeki 390p, while AC Holdings jumped Traded options 

William Jacw p Awaiting today's totalled 60,257, made up of 45,551 

lost 7 more to 63p. rLumlnarv statements. British & calls and 20.706 put*. GLS 


Current Paper/Printing 

favourites progressed farther. 
Delyn Packaging rose 32 more to 
462p and Hnnterprlnt 9 farther to 
460p. DRG, which is acquiring the 
50 percent of Sellotape Industries 
(New Zealand) not already owned, 
put on 10 to 457p, while Band 
added 7 at 24? p. E ucaly ptus Pulp 
rose a point to £17, FKB gained 20 
to 340p and Monotype 17 to 220p. 
Awaiting today's mid-term state- 
ment Sulchi & Saatchi advanced 
11 to 6Wp, while Boase Maaalmi 

responded to the proposed 
acquisition of US concern Ammir- 
ati & Puris. This Involves an open 
offer of nearly 5m new shares at 
340p per share compared with 
yesterday’s price in the market of 
385p, up la 

Preliminary profits at the top of 
market estimates combined with a 
higher than expected net asset 
value prompted sustained 
demand for Property major Land 


preliminary statements. BrtU*n* calls --- -=-■ , nf v ,, 1B 

Commonwealth remained at 43£p attracted 4,438 calls and 7 .»ib 
but associate Exco slipped 8 to puts, mirroring buoyant stores 
uc. /'.Mv*k«n«iw Financial Mt-tar while TSB, where the 

shares have made 


345p. Comprehensive Flnanci 
Services eased to I56p despite 
increased profits. Candover uw. 

moved up late to 299p for a gain of 

ii. 

Leading Oils gave a brighter 
performance having lost ground 
os Tuesday. BP, first-quarter 
figures due today, edged up 4tap 
to 342p helped by news of the 
successful tender offer for Stan- 
dard OIL Shell, also reporting 
first-quarter results today, har- 
dened ta to £13. British Gas picked 
up 2 at Ultap on renewed buying 
interest, while Tricentrol put on 3 
to lOlp following a “chan buy" 
signal. Ultramar touched 25 IP 


sector 

underlying . , 

strong progress in the past couple 
of days, showed 2.741 calls and 
only 45 puts. 

Traditional Options 

• First dealings May 5 
m Last dealings May IS 

• Last declaration August 6 

• For Settlement August 17 
For rate mdicotions see end of 

Unit Trust Service 
Money was given for the calf of 
nor Electricals, OceouJcs, 
Property Trust, Caries* Capcl. 

_ Norfolk Capital, Central Securities, 

prioTto closing 12 higher at 245p HrMou. NEI, Acorn Securities. 


following the ’ satisfactory first- 
quarter results. 

Hopes that the group would 
announce good results shortly 


at 46SP. Other Properties went doud ^ np at 53^ fachcape 


Hartogen, British Gas, Wellman. 
NMC, Ault and Wlberg, Fresh bake 
Foods. Wiggins, Dares Estates. 
Mercantile House. Century Oils 
and Aran Energy. A put was 
arranged in Amstrad, while 
double options were transacted in 


reductions in interest rates. 
However, subsequent profit tak- 
ing reduced gains in many places 
and the majority leaders were left 
with only minor improvements on 
balance. 

Sears, helped by a good Press 
reception given to the 17 per cent 
rise in profits announced on Tues- 
day, hardened a couple of pence 
to a 1987 high of 156tap after a 
turnover of 7.7m shares. Doubled 
profits failed to produce any ini- 
tial substantial demand for Rai- 
ners, which held around 341p 
before closing? up at 347p. A firm 
mail orders section showed Free- 
mans 13 higher at 500p on bid 
rumours. 

A buoyant electricals sector was 
highlighted by Piessey which 
spurted 10 to 237p, after 239p, 
after a turnover of 18m shares on 
strong buying ahead of the pre- 
liminary figures which are 
expected before the end of the 
month. GEC. one of the best per- 
formers in the electrical leaders 
in recent days amid talk that Han- 
son Trust could be accumulating a 
substantial stake in the company, 
rose 3 more to 229p. Cable and 
Wireless, with turnover exceeding 
8.5m shares, jumped 14 Va to 3S6tap 
with traders citing a stock short- 
age as boosting the shares. The 
doubled profits boosted Western 
Selection 8 more to lilp, after 

212p. 

Among the Engineering leaders, 
GKN drifted off to dose a few 
pence lower at 326p as the market 
failed to derive any inspiration 
from the chairman’s statement at 
the annual meeting. Elsewhere, 
Whessoe closed 4 off at I04p 
following the half-year loss and 
passing of the interim dividend. 

Buyers returned for selected 
Food Manufacturers. Northern 


FT-ACTUARIES INDICES 


These Indices are the joint compilation of the Financial Times, 
the Institute of Actuaries and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 


1 

2 

3 

4 

5 

6 
B 

■ 9 

■10 

21 

22 

25 

26 
27 
29 

31 

32 

34 

35 

40 

41 

42 

43 
.45 

47 

48 

i! 

51 

59 

61 

62 

65 

66 

67 

68 
69 
.70 
71 
81 
91 


99 


CAPITAL GOODS (211) 

Building Materials (27) 

Contracting, Construction (32) 

Electricals (13) 

Electronics (36) 

Mechanical Engineering (60) 

Metals and Metal Forming (7) 

Motors (151 

Other Industrial Materials (21) 

CONSUMER GROUP (185) 

Brewers anti Distillers (22) 

Food Manufacturing (25 

Food Retailing (16) 

Health and Household Products (10). 

Leisure (31) 

Packaging & Paper (15) 

Publishing & Priming (14) 

Stores (36) 

Textiles (16) — ... 

OTHER GROUPS (87) 

Agencies (17) 

Chemicals (21) 

Conglomerates (11) 

Shipping and Transport (11) 

Telephone Networks i2) 

Miscellaneous 1 25) — 

INDUSTRIAL GROUP (483) — 

Oil & Gas (17) - 

5 00 5HABE INDEX (500) 

FINANCIAL GROUP(llT) 

Banks (8) 

Insura rite (Life) (9).. 

Insurance I Composite) 17) 

Insurance (Brokers) (9) — — 

Merchant Banks (11) 

Property (46) 

Other Financial 127) - 

Investment Trusts (94) 

Mining Finance (2) 

Overseas Traders (11) - - 

ALL-SHARE INDEX(724) - - 


FT-SE 100 SHARE INDEX 4 ....... 


Wednesday May 13 1987 

Tues 

& 

Mon 

“if 

Fri 

May 

8 



Ea. 

Earnings 

Gross 

Dh». 

Est 

WE 

w 


PI 


Index 

Day’s 

YkH% 

Yi*l% 

Ratio 

Index 


Index 

No. 

Change 

(Max.) 

(ACT at 
27%) 

(Net) 

to date 

Mol 

No. 

No. 

908.79 

+0.9 

7-28 

2.92 

17.42 

987 


90455 

89137 

114034 

+15 

736 

2.92 

1763 

958 



essa 



750 

337 

1867 

1865 

149022 

1492.78 

148052 

233065 

+05 

573 

352 

23.43 

3162 

2318.99 

231935 

226253 


+1.4 

7.19 

231 

1854 

1280 

204450 


199530 


-03 

8.41 

3.46 

15.15 

7.03 

1^1 


49752 


+03 

7.47 

332 

1635 

556 

149626 

49925 

49135 


-02 

9.00 

336 

1281 

324 

33784 

33960 

33454 


+13 

6.05 

334 

1984 

18.43 

150769 

1525.08 

151171 


+1.1 

689 

258 

2120 

829 

123738 

1247.45 

122533 


+05 

75S 

Z90 

1684 

5,09 

315934 

1158.92 

113230 


+10 

755 

332 

17.94 

10.90 

93882 

94558 

93693 


+L7 

559 

255 

2452 

1145 

2330.43 

237828 


Ie 

+L9 

430 

167 

27.91 

8.73 


231327 



— 

5.92 

332 

2227 

1464 

131252 

132064 

129967 


+16 

6.08 

255 

2142 

4.97 

63620 

63332 

63182 

376258 

+16 

5.76 

381 

2221 


369731 

3717.77 

370862 

109263 

+10 

6.08 

257 

22.41 

656 

108177 

109182 

106957 


+05 

789 

290 

1468 

563 

72256 

72739 

719.90 


+05 

767 

334 

16.44 

839 

106064 

1072.41 

104659 


+L4 

485 

167 

2767 

B06 

144463 

145268 

1432.94 


+05 

7.46 

3J29 

1642 

18.71 

1312.48 


1295.72 


— 

684 

3.26 

1723 

7.75 

130938 


1318.96 

215967 

+18 

788 

368 

17.97 

2384 

TFiTvr 



117265 

+05 

7.97 

330 

1730 

109 


1187.97 


139439 

+05 

9.44 

334 

12.69 

1756 

Miii 

139380 


ITTE33 

pTl 




■ XrUlU-f'.I 

y3El 


lEEHa 

■alt'fa 

■Em 

WT-va 





IE5EJ 


■till 

Kd 

bvwi 



E3D 

msm 

737.23 

+14 


3.96 



11.06 

727.40 

72789 

71986 

777.91 

+08 

1834 

481 

750 

15.49 

77159 


76288 

1031.19 

+13 


4-08 

— 

20.71 

■ 1019.95 

101145 

99124 

546.65 

+10 


4.48 

— 

1176 

54104 

54031 

53606 

123864 

+1.4 


455 

14.98 

2264 

1221.28 

118761 

116258 

33066 

+15 


329 

— 

2.91 

375.63 

37668 

37385 

1094.79 

+38 

4^0 

266 

30.71 

456 

[1062.72 


1059.98 


+0.4 

6.97 

321 

18.25 

323 

47197 

47466 

47481 


+03 

— 

253 



668 



99039 

505.71 

+08 

6.05 

328 

19.45 

679 

50192 

49682 

502-72 

1034.01 

+33 

881 

453 

13.72 

1427 

100129 

99523 

98727 

IKrif’l 


— 

3.18 

— 

10.93 

106934 

107735 

iomjoT 

Index 

Day's 


Day's 

E!1 

May 

Eli] 

■23 

ESI 

NO. 

Change 

■Uni 

Low 

WEm 

11 

mm 

mm 

■nfll 

2163,4 

1 +20.1 

12168.9 

21615 

21435 

21633 

21265 

2077.9 

208651 


FIXED INTEREST 


PRICE 

INDICES 


British Government | 
5 yean 


5-15 years 

Over 15 years ...... 

Irredeemables.*.. 
All stocks....... — 


Index-Linked 

5years..^ 


Wed 

May 

13 


12S.26 

14630 

15649 

179,24 

142.41 


7 j Over 5 years ....... 1 

8 1 All stocks 


9lDcbufcirtSiiLuns_ 


10 1 Preference 


122.76 

12068 

12065 


Day's 

Change 

% 


+002 

-023 

- 0,02 

-0.04 


+ 0.20 

+0.27 

+026 


Tues 

May 

12 


125.24 

14640 

157.05 

17027 

142.46 


12242 

12036 

12034 


id adj. 
today 


12023 +035 


87.12 I +0.15 


125.92 


86.99 


id adj. 
1987 
la date 


438 

5- 03 
536 

6- 07 

438 


033 

1.17 

133 


3.79 


2.77 


AVERAGE GROSS 
REDEMPTION YIELDS 


j British Government 

] Low 5 years 

15 years 

25 years. 

5 years 

15 years 

25 yean 

5 years 

15 years — ... 

•»> 25 years 

10 Irredeemables 


Coupons 

Medium 

Coupons 

High 

Coupons 


Wed 

9 


I Index-Linked ~ 
11 ! Inflaf n rate 5% 
12 1 Inflat'd rale 5% 
L3 1 tnftat'n rale 10% 
l4j inf lafn rate 10% 


761 

863 

866 

852 
084 
854 
868 
097 

853 
073 


5 ns. 

0wr5yrs. 

5yrt 

0ver5yrs 


Tues 

5 


7.65 

062 

064 

851 

082 

8-83 

069 

8.96 

851 

073 


9 XL I 
347 ‘ 
L71 
337 


Ye® 

ago 

(apprtjJ 


Index 

No. 


720.00 

795.91 


1644 AO 
407.80 
3544S3 
28068 
131168 
89243 
92035 

657.00 
185098 
150266 
857.09 
463.42 
2339.99 
85302 

514.00 
78368 

06 

873.78 

041 

154332 

88663 

101964. 


83124, 


117944, 


86233 


598.75 

64041 

80860 

50631 

119003 

355.93 

749.79 

34760, 


75020 

29130 

6 9840, 


78641 


Year 

MO 


15943 


Year 

ago 

(awroxJ 


769 

066 

868 

862 

8.98 

8.98 

096 

940 

983 

064 


15HM»& 
16 1 Loans 

17 


181 Preference- 


5 years ... 

15 years 

25 year s.... 


963 

9.95 

9-9 9 

1039 


236 I 
149 I 
1.76 
339 | 


337 
126 
230 
341 , 


9JSB 

9.98 

1084 


10.41 


1042 

10.02 

9.9 3 

10.72 


f Opening infei 21643; 10 am 2165-5 11 am 2165.7; Noon 2168.0; 1 pm 21663; 2 pm 2166.7; 3 pm 21684; 330 pm 21633; 4 pm 21623 

T Flat yield. Highs and lows record, base dates, values and constituent changes are published in Saturday issues. A new list of constituents 
is available from the Publishers, (he Financial Times, Bracken House, Cannon Street, London EC4P 4 BY, price 15p, hi post 32p. 


Foods, a relatively subdued mar- 
ket of late, picked up 7 at 310p, 
while Rowntree Mackintosh put on 
10 to 534p. Ranks Ho vis McDougall 
continued to forge ahead on 
takeover speculation and closed 
13 bfgher at 330p; some of the 
buying was thought to come from 
New Zealand sources. Squirrel 
Horn, which announced a vendor 
placing on Tuesday to finance an 
acquisition, pat on 10 to 115p. 
Among Retailers. J.- Sainsbuxy 
were back in vogue and closed 14 
higher at 578p. Bejam were 6ta up 
at 183 tap on revived bid hopes, 
but Albert Fisher slipped 4Vi to 
IG9ta following details of a pro- 
posed £82m rights issue. 

Garfunkels, some 40 points 
higher on Tuesday following a 
'takeover approach, gained 19 
more to 253p, after 256p; possible 
bidders Kennedy Brookes rose 20 
to 358p. 

Gains "in the miscellaneous 
industrial leaders were usually 
limited to a few pence, with BTK 
closing 2ta firmer at 327 p follow- 
ing the chairman's statement at 
the annual meeting. Elsewhere, 
British Airways, encouraged by a 
short term recommendation in a 
comprehensive review of the com- 
pany by Hoare Govett's analyst 
Stephen Clapham, were actively 
traded (some 16m shares changed 
hands) before closing 3ta to the 
good at 172p. BA is scheduled to 
reveal Interim figures next Tues- 
day. J. H. Fenner, in which Emer- 
son Electric of the US has a size- 
able stake, met with speculative 
demand and put on 13 to 201p. 
British Aerospace, in contrast, 
drifted back 17 to 638p as some 
analysts took a cautious stance on 
prospects following the annual 
meeting. The absence of any news 
on Government aid for the new 


Airbus project remained an 
inhibiting factor. Demand revived 
Cookson, 11 to the good >t 701p.and 
Avis Europe, 15 higher at 36Sp. 
Norcros took a distinct tom for the 
better and put on II to 385p, while 
among the anli/Aids related 
stocks. Wellcome advanced 5 to 
429p and London International 9 to 
296p. Revived investment demand 
left Williams Holdings 14 higher at 
783p. Ex tel closed 5finnerat492p 
following the formal offer docu- 
ment from United Newspapers. 
Dealings were temporarily sus- 
pended in DSC at 96p pending 
publication of an announcement 

Owners Abroad gained 17 to 118p 
boosted by news of the Inter- 
national Leisure stake in the com- 
pany and confirmation of the 
possible association with Tjaere- 
borg. 

Commercial vehicle manu- 
facturer ERF responded to a mid- 
week stockmarket letter, which 
suggested longer-term recovery 
potential, and closed 5 up at 95p. 
The combined drab performances 
of Jaguar and GKN tilted the odds 
against Lucas Industries, down 10 
at 589p, but smaller component 
groups were steady to firm. Distri- 
butors were led higher by Perry, 
which advanced 13 farther to 
280p, and Glanfield Lawrence, 9 
dearer at 113p. Godfrey Davis ral- 


TRADING VOLUME IN MAJOR STOCKS 


to the good at 24Qtap. Greycoat put 
on 23 to 37lp, while Peache y, the 
sector’s latest takeover favourite, 
rose 11 to 425p. Control Securities 
added 6 to 44p on speculation 
about an imminent deal. Mount- 
leigh firmed 4 to 270p. Southend 
Stadium gained 28 more to 667p. 

P & 0 regained investors* 
appeal following the group's first 
Eurobond issue. It in tends to raise 
£75m via a 15-year bond offering 
and after the news the shares 
were 17 higher at 647p. Ocean 
Transport roseSto313p but Walter 
Kune I man slipped 8 to 205p on 
consideration or the annual 
results. 

Textile interest centred on a 
haudfal of groups including 
Palma. 8 up at 98p after the annual 
meeting, HssgSi Mackay, 8 dearer at 
193p, and TL Ingram, which rose 10 
to 158p. Glen Abbey were raised 10 
to 185p and Tomkinsons 15 to430p, 
the latter ahead of Tuesday’s 
interim results. 

oaftnM Internatio nal made a 
spirited revival from a quiet 
period to close 7 higher at 
281tep. Leda IT capital shares 
went 7 higher to 275p on reor- 
ganisation proposals, which 
include an offer from American 
Express Bank and a £25m rights 
issue 


NEW HIGHS AND LOWS FOR 1987 


NEW HIGHS (261) 

' BRITISH FUNDS (8), FOREIGN 
BONDS (1). AMERICANS Ob 
CANADIANS (1), BANKS a). 
BREWERS (3), BUILDINGS (10), 
CHEMICALS (6), STORES (16), 
ELECTRICALS (19), ENGINEERING 
(10), FOODS (13), HOTELS OX 
INDUSTRIALS (38), INSURANCE (3), 
LEISURE €®X MOTORS (Z). 
NEWSPAPERS OX PAPER (12), 
PROPERTY (32 J, SHIPPING (33, 


LONDON TRADED OPTIONS 


Option 


Affied Lmns 
(•«%> 


Brit. Mnogs 
C*I7S) 


British Gas 
<*UD 


B.P. 

(*343 


BritoH 

1*2781 


Cons. Gold 
(*981) 


Garadds 

(*435) 


Com. Untat 
t*33U 


CAfe& Wire 
(•396) 


G.E.C. 

1*229) 


Grand Met. 
(*520) 


l£J. 

(*1417) 


Lam Securities. 
(-467) 


Marie & Span. 
£-251) 


Shell Tram. 
(*1290) 


Trafalgar Heme 

(*374) 


TSB 

(■94) 


WDohmnb 

(•856) 


360 

390 

420 

460 


140 

160 

180 


90 

100 

UD 

120 


300 

317 

330 

360 


260 

280 

300 


900 

950 

1000 

1050 


360 

390 

420 

460 


280 

300 

330 

360 


330 

360 

390 


180 

200 

220 

240 


420 

460 

550 


1300 

1350 

1400 

1450 


390 

420 

460 


220 

240 

260 


1150 

1200 

1250 

1300 


300 

330 

3t0 

390 


no 

800 

850 


CALLS 


July 


36 

21 

13b 


23 

15 

10 

5b 


114 

84 

60 

40 


7B 

55 

3Zb 

12 


110 

70 

40 


155 

115 

80 

57 


7B 


175 

133 

100 

TO 


125 

75 

46 


0 a 


28 

20b 

15b 

9b 


142 

112 

90 

65 


118 

83 

52 


XU 

148 

123 

92 


196 

158 

133 

97 


Z7b 

19 

13 


150 

100 

70 


33 

25b 

19b 

14b 


137 

10? 


PUTS 


Jaly 


lb 

6 

19 


1 

Zb 

7b 

15 


r* 

14 

31 


20 

40 

72 

104 


60 


130 

97 

67 


m 

187 

155 

130 


203 

183 

160 

128 


165 

135 

105 


Oct. 


2 

5 

10b 

17b 


40 

60 

85 

112 




Optks 


Gatau 

(*335) 


lAdbrakc 

(*409) 


LAS HO 
(*284) 


11 


p.&a 

(-647) 


1*250) 


77 

105 


R-TJL 

(*1033) 


Vnl Reefs 
(*St32) 


10 

l 9 “tT 


11\% l 

(*£U0) 


1991 


280 

300 

330 

360 


373 

403 

443 


240 

260 

280 

300 


550 

600 

650 


220 

240 

260 


200 

220 

240 

260 


850 

900 

950 

1000 

1050 


120 

130 

140 

130 


106 

108 

110 

U2 


CALLS 


May 


17 

4 

(Hi 


51 

31 

12 

2b 


187 

137 

87 

37 

10 




4 

2 

0b 

0* 


Aug. 


no 

67 

35 


197 

150 

no 

82 

60 


11 


No*. 


127 

85 

50 


ZU> 

167 

134 

107 

80 


2lb 

17b 

13b 

10b 


PlAs 


May 


18 


2 

10 

26 


3 

3 

3 

6 

25. 


1 

12** 

20b 


6 

U 

1* 

23b 


9 

14 

19 

25b 


1* 

2b 

3& 


Option 


Amstrad 

(*206) 


Baadam 

(*517) 


43 

60 

78 

100 


Boats 

(*301) 


BTR 

(*328) 


Blue CJrde 
(■90S) 


D> Beers 
(*SZA) 


Ohara 

(-413) 


& 

7b 


180 

200 

220 


460 

500 

550 

600 


260 

280 

300 


280 

300 

330 

360 


750 

800 

850 

900 


1200 

1200 

1300 

1400 


360 

301 

390 

420 


165 

115 

67 

38 


205 

140 

85 

30 


40 


Sep 


178 

128 

85 

53 


240 

180 

130 

90 


56 


Dec 


197 

155 

118 

77 


265 

210 

165 

130 


Jun 


4 

17 

43 

90 


150 


Sep 


50 

80 

125 

185 


TO 

no 

155 

210 


11 


Glaxo 

(*1540) 


Option 


Bass 

1*968) 


GKN 

(-327) 


Ja»or 

(*562) 


850 

900 

950 

1000 


300 

330 

360 


500 

550 

600 


Option 


Barclays 

C543) 


Midland Bk 

(*683) 


460 

500 

550 


600 

650 

700 


130 

83 

45 

2S 


May 


145 

105 

75 

55 


top 


102 

63 

33 


107 

67 

40 


175 

135 

9B 

70 


1107 

73 

48 


122 

87 

60 


May 


top 


Hanson 

1*164) 


Lmmo 

(*2891 


(*157) 


Tran 

(*S3W 


Thera EMi 
(*687) 


Option 

May 

Aug 

No* 

May 

Aug 

No* 

Brit Aero 

600 

42 

78 

95 




(*638) 

(60 

U 

45 

65 



50 


700 

ib 

27 

42 

65 

75 

75 

BAT lads 

500 

45 

65 

80 

2 

12 


1*5441 

6S0 

9 

35 

SO 

18 

a 

37 


600 

lb 

U 

a 

62 

65 

67 

Brit Tofecnn 

280 

23 

37 

47 

1 



1*307) 

300 

12 

26 

35 

5 

IB 



330 

2 

U 

21 

24 

32 

35. 

Cadbory Sdmrcppe 

220 

35 

44 

52 

1 



(*254) 

240 

15 

a 

40 

lb 

e 



no 

3 

17 

29 

9 

17 

23 


Tnratase Forte 
■ (-249) 


1400 

1450 

1500 

1550 

1600 


140 

150 

160 

165 

180 


2U 

236 

255 

273 


130 

.140 

160 


420 

460 

500 

550 


550 

600 

650 

700 


200 

220 

240 

260 


175 

140 

105 

72 

50 


17 


120 

80 

45 

17 


145 

95 

57 

27 


S3 

33 

17 

7b 


225 

195 

155 

135 

110 


2Zb 

Zb 


130 

92 

SB 

37 


150 

102 

67 

42 


2» 

225 

195 

165 

145 


12 


33 

26b 

15b 


105 

35 

53 


125 

90 

60 


7b 

18 




* 

10 


1. 

1 

■5 

16 


5b 


20 


P 

7 

n 


52 

68 

85 

no 

135 


10 


5b 


Option 

May 

June 

July 

Aug. 


Jww 

July 

■Aug. 

FT-SE 

1950 

220 

242 

260 

m _ 

1 

s 



ladu 

2000 

170 

198 

215 

230 

. 2 

16 

23 

95 

(*2162) 

2050 

122 

157 

177 

190 

6 

22 

33 

45 


2100 

80 

11B 

145 

160 

17 

38 

55 

63 


Z150 

50 

90 

112 

190 

36 

51 

75 

tn 


2200 

27 

60 

85 

110 

62 

80 

100 

107 


•Uflderiyfag security prieo. 


The fottowtng Is based on trading iroJume for Alpha securities dealt through the SEAQ system 
yesterday until 5 pm. 

Volume Closing 


Volume 

000’s 

ASM-MF1 31300 

Allied Lyons 2.700 

Amstrnri... &00 

Assoc. Brit. Foods. L200 

Argyll Group — — 2,400 

BAT L200 

BET 670 

BOC 789 

BPS Inds 331 

BPCC 1,400 

BTR : 3,900 

Berttaos 2,900 

BraT — L200 

Bmmm 2,600 

Blue Circle 1,108 

Boots 2,400 

BriL Airways 16,000 

Brit Aero 8J « 

Brit-&Cotmn.— _ 168 

Brit to 30,000 

Britnll — 2,100 


Closing Day’s 
pries ckmge 


Stock 


Jaguar 



Maria &Spncr.~«. 
Mtdlund Bwsk__ 
HaiWastBank — — 
Next 


BP. 
Brit-TeWcora- 

Bwal — 

SortM. 


CaUe&WIre 

CatStuiySchwps— . 



SHOES (4), TEXTILES (21, TRUSTS 
(38), OILS Ol), OVERSEAS TRADERS 
(7), MINES (6), THIRD MARKET. 03- 

NEW LOWS (9) 

AMERICANS (LX CHy Fed Fin Corp. 
RANKS (2X Banco de Bilbao, Cle B*cr«_ 
CHEMICALS (2), Leigh Interests, 
Sdwring AG. INSURANCES (23. 
Alexander & Alexander, Marsh 
McLennan. TRUSTS (13, Japan Asset 
Warrants. MIMES (IX Bond Corp. 


WOOD 
7,000 
X700 
L400 
8^00 
573 
257 
*300 
X200 
694 
766 
2,200 

DfttonsSrp — ... .... 2,900 
It CMna Clays. 594 

. 612 

GetuAcddut X300 

GolEMci ROOD 

Oaxo — 4J.00 

Globe Investment. X000 

Granada- — 869 

Grand Met 3,100 

GUS "A" 229 

GuanfianlLE 373 

GKN 5,000 

GnhtnCB 9J00 

Hanson Trow — ... 3,000 

HawkerSidd 2,000 

HltbdawiHIgs— 3400 
I Cl — ■ LTO 



Rowntree Mac 

Ryf Bank Scotland- 
Royal Insurance.— 

SaatddASau^ 

SaJnstwy 

Sean. 


1,100 
633 
B89 
7j600 

Sedgwfcfc zm 

Shell Trans 4600 

Smith* Nephew^- L800 

Standard Chart 340 

Storehouse - 2300 

Snn AIBance 437 

TSB ; - 20000 

Tam*c 822 

Te»» ^2300 


000‘s price 

6.200 560 

3.100 409 

. 3300 469 

3^00 306 

669 534 

2JWQ 288 
2*00 448 

2.500 252 

1000 678 

L600 63S 

270 339 

2.400 622 

2.200 647 

322 860 

mOOT 237 

400 933 

7.500 251 

401 733 

2^00 330 

280 UOk 
777 477 

3400 455 

390 685 

328 886 

464 £10% 

1,900 534 

880 322 

2200 919 


Thom EMI. 


TrafaHnr House— . 
Tlwuse Forte—— 

Unlgace. 

Unilever. 


United Btodts..— 

Wencuffie 

Wblttriad **A M — . 
Wootworth 


L200 

L500 

4300 

680 

128 

3.700 

1300 

1.400 

199 


285 

654 

578 

156b 

326 

£13 

166 

825 

312 

865 

93 

537 

535 

685 

372 

248b 

396 

£28 

303 

429 

369 

857 


Oil's 

change 

-8 

-3 

+17 

+9 

-1 

+10*1 

+19 

+1 

-7 

+2 

+7 

+17 

+2 

+10 

+10 

+3 

>8 

+13 

+L 

*21 

+5 

+15 

7l0 

:s 

+i 

+n 

+14 

+2 

+6 

+6 

-8 

♦2b 

+1 

+4 

-2 

:h 

*4 

+5 

-3 

+7 


RISES AND FALLS YESTERDAY 


British Funds. 


Corporations, Dominion And Foreign Borate 
Industrials , 


Financial and Properties . 
Oils 


Plantations. 

Mines 

Others 


Rises 
, 59 

7 
693 
256 
34 
5 
32 
72 


FaHs 
■ 38 
14 
2SB 
B5 
22 
2 
57 
74 


Same 

16 

46 

596 

231 

57 

7 

96 

95 


Totals 


1,158 


550 


1,164 


LONDON RECENT ISSUES 


EQUITIES 


to 

Wee 

i 

g 

1987 

Stock 

cure 

Price 

H 

NO. 

»r. 

a 

!ia 

Q 


fUO 

FJ*. 

1515 

[ : , r rW 

n f | 

AbtimlOp 

205 

HWPM 

RS.4 

2-5 

#U5 

tf. 

205 




150 

rnl 

832 

3.7 

*77 

F8. 

306 


ri 

4 Bonded LaralnneslOp 

97 


L2.4 

2.4 

*U5 

F.P. 

a ft 

|Tt .B 


Brooks Service Croat 

164 


LU 

22 

*80 

F.P. 

e/s 



Warionlfiitnp — - 

220 

+5 

012 

32 

II 

FJ. 

— 

uJJM 


Color Group 50p 

440 


119.(1 

26 

130 

FJ*. 

85 

» 1 [ M 


Cambridge l astro. 5[ 

130 


R0.7 

m 

*55 

FJ. 

12ft 

K’l-W 


fCartridge isotope 

84 

+2 

R2D.9 

_ 

*200 

FJ. 

185 


ritV 

+CwhCamra.5p 

228 

+3 

R7JQ 

22 

115 

FJ. 

85 



Ctarti> (Claries) 5p 

120 


82.75 

3JO 

#125 

FJ. 



145 

KotafTapMclOp 

185 



' L3X 

28 


FJ. 


LtllV 







*130 

FJ. 

225 


145 

Cooper (AbidlOp 

145 



28 

J125 

FJ. 

295 

153 

143 

ctuha Grow KM 

152 


Will 

32 

#135 

FJ. 

295 


[»• 

OueflatlCp 

172 

+2 

L3.45 

230 


FJ. 


im 


ERAGnapSp 

112 

+8 



*135 

FJ. 

r 


[JTj 

kEowta CroaplOp 

192 

+2 

L4-0 

2 A 

4120 

FJ. 



CTTj 

WtotaxSp 

180 

+5 

u2-7 

28 

*112 

FJ. 



f|T 

4HoieisaiNeCf'p2p — 

127 


R4J 

25 

020' 

FJ. 


r^t^B 

rr.“ 






*120 

FJ. 




Warch Group 5p 

120 

-2 

L42 

24 

*114 

FJ. 

■jj 

EjH 


HehHta Slreetim — __ 

322 


W 

12 

— 

— 

— 

W-'r J 


Da. WM0S 

34b 




225 

FJ. 

24/4 

352 


Uorco ry Asset II grat5[ 

352 

+12 

R5X 

48 

*106 

FJ. 

— 

120 

tTJ 

WnMdTeduviagya— 

118 


RQ257c 

52 

.*180 

FJ. 

15 

207 

E5 

PeroetrallOp 

207 

+5 

025 

48 

*95 

FJ.- 

10» 

102 

rr 

RCOlOp 

96 


13.91 

23 

*55 

F.P. 

3ft 

88 

■j 


88 




*140 

FJ. 

15 

181 


4 Reli wceS eefiraup5p 

170 

+2 

b43 

25 

*135 

FJ. 

— 

230 


*5eiea*Hit*.lp 

227 

-2 

l?.5 

28 

*125 

F.P. 

2ft 

165 


4UCLGn»p5p 

- 160 


uZS 

28 

*140 

FJ. 

155 

IBS 



IBS 


R325 

38 

130 

F.P. 

1M3 

151 



ISO 




*3 20 

F.P. 

29/4 

210 

XM 

4WyenleGda.CenJ0c 

210 


b223 


033 


22/S 


S3 

YRMlOp " 

J47 

+3 

R4.41 

38 


CrOSS 

YWd 


3-6 

2A 

3.4 

31 

0.75 

3.7 
0.7 
066 
4 2 
3.0 
22 
3-6 
3-8 

2.9 

37 

38 

30 

4.4 

1.7 

4.7 
L6 

1.9 

1.4 
L6 
5J5 

3.4 
3 6 
L5 
3A 
33 

31 

1.7 

32 


PJL 

Ratio 


14.9 
125 
17D 

17.9 

56.7 
14D 
148 

155 
14 J 
215 

22.7 
146 

156 
196 
560 
188 
245 
125 
25.4 
1L9 


176 

13.7 
178 
118 
152 
15-2 
325 
22 6 
158 

14.7 
285 
178 


FIXED INTEREST STOCKS 


tone 

Price 

£ 

Amoral 

Paid 

. ® 

Latest 

Re™* 

1987 

Date 


K9 

*98.919 

F.P. 


IKTT] 


*100 

F.P. 

Id 

111 


1 

£30 

3ft 

52 


— 

FJ. 

295 

lilt, 

109 

— 

FJ. 

— 

lQOp 

96Vp 

— 

as 

285 

a 

25 

*108156 

Q0 

13ft 

35b 

30b 

— 

FJ. 

— 

101 b 

100 

rara 

C5 

— 

25b 

24b 


£25 

— 

2 H 

25b 

*100 

FJ. 

— 

111 

109p 


IH 

31 n 

3Jm 


■ -L J 

as 

908 

26b 

25b 

> 

FJ. 

30ft 

101 b 

98 

$98819 

£20 

189 

»a 

18b 

825 

uni 

2 4ft 

180gn 

75pm 

*99816 

£25 

295 

29t, 

2 Sb 

•— 

£30 

no 

34 

30 

*9889 

£29 

1/9 

Z7t, 

25b 


fad 


Aril PrcolOk'A 1st MartDeb. 2011 , 
Bartem Gra. Cnr. Red Prf. 10p . 


Bra*Grp»ta*Jra6niaX;».Uu.Lii(£l) __ 

EstSJMenlnr jewU^'Jtlsdll LDtWOia . 

Ffkmai Hatch K,% Ca Con tad PH £1 . 
Gl- Porttam! Ens. qij% 1st »*Ha 2016 _ 
Urt Seetritles Km 10% 1* Mi » *25 „ 
"" ldeS%%W.ta2021. 


farfiHorataf Assoc. M.%CtdJ»J(S7 

Ptachey Property 9»j% Ik Mt.Deh.2015 

Fee* HMjS. 5 I»dc Cm. WV Prt.£l 

Priest M«tiiB6i2pcXin.Uia.Ln2(X)(Vt)3 

Son- Eastern Isv.Ta. M.% Deb 3020 

Sn^MbLlm.2b%CmUnLa’94 

TWOaof LwlTo. lot,*. 

Tops Es.‘Ne« , 7b% Cm. [fas. Ln. 2014 „ 

Tma C«m SKLlOb* 1* MortheAZOa 

THbooe lm.Tst9b% Deb 2012 - 

Van 9*% Deb. 2015 


“RIGHTS” OFFERS ' 


Ctodns 

Prior 

£ 


102 

1U 

52 

lUb 

’S 

9 

iS 

a =i 

27V 


-1 


-2 


-10 

-b 


tarn 

Price 

Aodoh 

PbW 

Una 

Remmc 

1987 - 

Stock 

w 

Data 

HIM 

Low . 

320 

Nil 

12ft 

120pm 

90pm 

Autheri^liws.sn,. 

43 

HS\ 

— 

15tw 

llpM 




3(7 

173pm 

153pm 

BiwiWaifewHy... 


■tii 


10pm 

10am 

GoM & Bjic; 

I 

105 

470 

150 

HU 

Nil 

Nil 

Nil 

2*5 

5£/’Ji 

45pnr 

Im. In Success Wrm . 

17ft 

10ft 

42dm 

84om 

62p» 

«to 

36pai 

TjadsftlUOlOp — 

VanCnm... .. 

Woftor (ARred) Kb 


Ocslng 

Price 


110pm 

13bP«n 

173pm 

10pm 

52pm 

38pm 

60pm 

54pm 


+2 


otto oflldal esUones for 1987. L Esttantd ^ 

earnfags-R Foreos snmalived ttirifleiri, emmr MvTrtiSZton 

W Pro Foma Figures t indfcaM dMdends; enwr rebtn Bddotes. 

■mnadeannlasx.il Forecast, or anlmaudaiuiBallSMltlMilMdvM* rn M latest 

1 Issued by lento, n OfferM hoU« OF 

of capUdhaUoo. 6 Placing price. » iwmS3d.11 braedKJUL 


■•in; •; 


-<! 




V 
















































































































































































































"•*y v.. 




Financial Times Thursday May 14 1987 0 


WORLD STOCK MARKETS 



r OVER-THE-COUNTER Nasdaq national market, closing prices 


Sfat H|l lna lart Dm { Sfak 

M ] 


Continued from Page 39 


OM Cp 
OMlpJ 

OflMp M 
Ooto«v V40 
OtitoCut.M 
OfdKnts .80 
OhMB JOa 

OURap .80 
Omntcm.98 
OnoBo -32 

OoUeC 

OpilcR 

Oi*dr» 

OrM 

OltiBA .5* 
OsftiTB JO 
OKrTP M2 
OwonMn.32 

PACE 

PCS 

PNC 1.S2 

Paclur 180 * 

PacFsl.20a 

Ranter* 

Partaao 

PapJHr 

Pmycxs 

Payco 

PapGtd 

Panbcs -08 

Pentalr .68 

Panwst 

PwfflnC t 

PaopHrltBa 

PSBMaaJ2a 

PaoWn 

ParaTe 

PetpSa 

Pawte 112 

Phimd 

PtamcLlSa 

PnmRa 

PkSfevA 

PicC*t* .48 

PWoHi U4 

PfcyMfl 

Porax .HJa 

Ponte* 
Pou^Sv 
PracCat .08 
PmUa 
PrdnCip .SO 

Priam 

PricaCo 

ProaTR 

PrtnvO.tflb 

ProgCa J8 

PruGp 

ftoftl* .70 

PrvUB M. 

RoSdB* .72 

PWOP» .40 

PurtlBa JO 

PyrmT 

QMaOa 

OVC 

Quadra 

Quanun 

Oolkriv 

Ouincyl-BSt 

Outete 


0 o 

58 2573 S 3-18 41*18 58-18 +% 
378 tm* 16% WJa + H ■ 
XT 485 28% ZPt 28% + % 

87 12 27 27 V 

8 471 42 41% 41*| ~ 1l 

8 41 0 2S% » 

22 216 45% 44% 45% + % 


RPM .72 
RKtSya 
Rainer 1.18 


RepAra.tta 

RaubNJSa 


B R 

21 158 22% 22 

14 61 8% 8% 

13 652 46*4 48 
201438 Iff* 11% 
386 8*| 8% 

24 S3 31% ST 
36 172 23% 23% 
203 18% 18 
9 310 15% 15% 
2854 68% 68 


7 863 18 

SS-3S 


13 520 10 
24 88 78 

10 W »} 

12 212 40*i 


P Q 

783 8% 8 

55 48 28 2B% 

101426 4«% 4S% 
22 366 74% 74 
4 334 18% 18% 

38 1» 10% 10% 

IT 2214 22% <121 
21 14 21% 2"* 
41 342 25% 94% 
S2 842 13% 13% 

641350 22% 22% 

13 120 30 29% 

15 273 26% 28% 

» 13 2B% 28% 

40 3 98% 56% 

n is 18 % 

87 16% 15% 

309 27% 26% 

31 385 20 18% 

7 418 12% 12 

25 71 34% 34 

280 6% 8 
30 437 2<% 23% 
2TB 13% 12% 

23 1351 24% 23% 

18 121 22 % 22 % 

30 114 37% 36% 

82 13% 13 
a 6W 25% 25 
10 4S7 54% 32% 

135177 «% 12% 

r rr is% 19% 

23 . 243 31% 30 

10 99 18% 18 

18 354 18% 18 

3118 4% 3% 

821286 44% 42% 
SO 318 38%. 38 
«8 48 10% 10% 

11 169 82% 29 

86 » »% 

10 360 14%. 14% 
4 4G TP* 31% 
10 1W *8% 33% 

31 850 36% 34% 

19 3W «% 40% 

S8 «% TO 
1983 13% 12% 

908 9 8%. 

SOS 8% 8%; 

» 888 25% 34% 
254 1*% 12 

22 28% 29% 
508 15% l£% 


27 

27%+ % 

Rsxon 

38 

157 

U 

12% 

22% 

23 

fteyR* .7ft 

18 

526 

35% 

34% 

1f% 

w* . 

RhonPI 


162 

33% 

331, 

Vf* 

tt%- % 

WtoUm 


425 

8% 

8% 


18% 

RcftmHl 

1328 

16% 

18% 

26% 

27%+ % 

RUkW 

S8 

148 

22>* 

22% 


Wl . 

mggsMI.10 

12 

343 

28% d27% 

74% 

78 + % 

RoadSwt-10 

20 

315 

35% 

34% 

28 


RocUCS 


421 

14 

T£l 

r 

40% - % 
W 

RflrCbA 

RBvftFO 


21 

380 

‘‘S* 

w, 

’Si 


Vi* > 
28 + % 
48 

74 

18 - % 
10% 

22 -1 
2Hi+ % 
34% - % 
13%- % 
22 % — % 

£L Z " H 
28% 

29% - % 
W%+ % 
18% 

«% - % 
»l~ % 
20 + % 
12 - % 
**%+ >4 
8% 

23% - % 

*4 

28*1 . 

■a . 

s 

33 %- % 

a;t 

81 + % 

38%+ % 

m- % 

28% 

vu- % 

21 % 

23% 

as% .. 

41% 

m% . ; 
ta + % 
8 b- %1 
9b+%. 

12% + %J 

28%+ %i 
M%+ %.j 


ROMBS.18* 
ftosptch .14 
RonSr 
Rouaaa .70 
RyanFa 

SCt Sr 

scon i 

m 

8HL Sir* 

SKFAB1-47* 
SPtPil .07 
SawMsS.17* 
Satecda .34 
Galeco 1.70 


Sanfcds 
ScaaTm 
Sdwar J2 

sciww* 

SCOWS .40 

Safanda 

Scfllle 

ScotCb 

5889M8 

SaamP 

5fyO» 

SaltiOn .92 
Santtf JB 
6WMW AS 
SvOak .18 
Staffed .72 
Snmt 2.04 
BhakJI* 
Sfwmrya .16 
SlKMXd 
SiomAl M 


«ooi«y>UQ 


184 2T>i 20i 4 
188 7% 7% 

68 401 34*2 34 
57 5212 41 40% 

s s 

291702037% 28% 
22 296 13% 12% 

06 30% 30% 
555 217| 21% 
800 57% 86% 
121 18 17 

1858 32% 32% 
388770 26% 26% 

71007 56% 55% 
198 19% 19 

18 352 22 21% 

101102 44% 44 
12 21 11 % 11 % 
22 59 12% 12% 

277 16% 18% 

W 71 22 21b 

17 32 11% 11% 
241 M2 IF* 19% 
45u44% 44 

IS 23 31 31 

440268 24 21b 

100138 6% 6 

42 2 23% 237* 

182SS11044 41% 

707 98% 25% 
237 7% . 7% 

12 448 28% 25% 

32 501 12% 12% 

1877 9% S% 

13 33 12 11% 

£31640 28% 29b 

9 815 48 45% 

27 243 9% 8% 

34 315 297* 26% 
177 17% 15% . 

31 241 45 44% 

SB 188 17% 17% 
7T 438-28 25- 

241996 11% 9% 

S 69 11% lib 
281458 5% 9| 

451SB7- V* 211-16 
0 433 8 7% 

27 837 21% 20% 
12 33 2J% 20% 

9 259 32 1 * 31b 
12 115 23% 23% 
17 0 W* IV* 

68 354 UF* 15% 


22 %- % 
4§|- % 
1JW+ % 
37% 

23%+ b 
U% + % 
15% 

«%+ % 
13 + % 
«b+ % 

% 

»4+ % 
35 - % 
13T*+ % 
13T<+ % 
8 %- % 
Wa- % 
2Vl+. % 
7% 

8 *% + % 

40% — % 

3H.+S, 
13%+ % 
30%+ b 
2 Jb- % 

W4-% 
18 + b 
33% + % 
28 +1 
56% + % 
IF* 

21% - % 
44-% 

12% - % 
«%- % 
21 % - % 
11% 

18% — b 

44%+ % 

31 - % 

22 — T% 

» “ % 
297* 

44 +a% 

26b“ U 

28^- % 

1«*- 1* 
»b-% 

8 + % 
2F*+ % 
17% + U 

45 

1T%- % 
25b + % 
« 8 * + l 
11%- % 
5%- % 
21>18—% 
P| 

»^+ <4 

20 % 

32 1 
22 %+ %{ 
12% 

1S%+ % 


SomiSv 
SonocP AS 
SCuNa AS 
SounM 
SthdFn 
Soutrat JB 
Sovran 138 
SpecOya 
SBMIc 
StdRag JO 

soptswuat 

Sain 

StaSSs M 

SrrHno 

Sftrfrtf .78 

Stratus 

StnatCUX). 

GOyter 

SludLvt 
Suttaru A 
SuflBa JO 
SumttB .72 
SuftOrd 
Sualfic 
SumHHS 1 
SynbT 
SymbUc 
SysUn 

SysUUB 

%So(tw 
8ymtml .12 

IBCa 

TCA J4 

TCSYa 

TCP 

TMK JO* 
TPI En 
IS fate 

l^an 

Tandon 

TaumonJM* 

TchDua 

Tatowdl 

TtanAa 

nCramt 

Tetcrds J4 

TWmate 

Tslaba 

Taboos Jla 

Tanoart JB 

Tbnndt 

3Com 

Toktofa 

TopUkt 

TmMua 

Tnwck 

THStar 

TrtstiSy 

Tdmad t 

TrusJo JB 
Yancp 128 
SOCteln J2 


IWfaB. 10 * 
UnPMrJD* 
UnWam 
UACms .04 
UBCoi MB 
UftCoaF JQ 


Safa ffim Lw 

OfaW 

87 1Z% 12% 

20 108 53% 53% 
11 107 22% 22% 
28 100 22 21b 

117 10 6% 

9 78 21% 21b 
8 883 34% 33% 
554088041% *1% 
78815S 16 15% 

W 157 44% 43% 
16 fO* 14% 
822 11% 10% 
U 158 30% 30% 

181044 22b 21% 

• 83 20% 19% 

543558*40% 39 

13 26 48% 45% 
31 WT 44% 43% 

32 84% 64% 

7 8777 13% 13% 

15 31 15% 15 

14 S3 28 27% 

282 JO 181* 

39 10562*40% 39 
10 170 31% 31% 

38 490 24% 24 

492 4% 4% 

W 168 10% ID 
13 63 8% 8% 

78 19% IF* 

39 6 27% 21% 

T T 

13 T 12% 12% 

23 ZT% 21 
82 424 17% 17 

5 74 UP* 12% 
14 1022 11% 11% 

3328 6% 8% 

84 a 18% 18 

10 S3 10 % wb 

115 10% 8% 

01818 5% 5% 

18 14 Q% 
» 71 15% IS 
109188 K% 13% 
342732 31% am* 
188 42 40% 

44 884 35% 341* 

844 14% 13% 

22 88 14% 14 

28 225 23 22% 

W 8 30% 30% 
245 IS 14% 
321819 23 22% 

111118 87% 86% 
1ft 1 27 27 

28 2001134% 33 

401792 16 15% 

1ft 362 10% 10 

25 248 12% 12% 

131 16 15% 

15 53 38% 37% 

24 28% 29>* 

13 204 » 13 

11 1955 12 11% 

29 854 21% 2W* 

u u 

25 m 17% 18% 
7881089815% 14 
IT 587 147* 14% 

4 180 20% 20% 
15 93 35 34% 

22 263 48% 48% 
148307 231* 23% 

11 W2 W? 19% 

8 20 18% IB 


18% 

53%+ % 
22 %+ % 
21 % — % 

3“ > 
21% - % 
3*2- % 

41% - % 
15% 

44 + % 
14%+ % 

I1%- % 

30%+ % 
22 %+ % 
au»4+ % 
»%+% 

W%- % 
15% 

28+1* 

19% 

40% +1% 
31% 

24% 

4% 

»%+ % 

19% - % 
21 % 

1 * 2 - b 
21 % 

17*4 

2 -i 

19 - % 
137,- % 
31 + % 
42 +1% 

wS+’Jj 

^ 5 

30% — % 
147j- % 
23+3, 
97%-*% 
27 + % 
34% +2% 
15% + % 
% 

S 

38%+ % 

ST* 

IV, 

21 - % 


17 i 

20%+ % I 

«,-%! 

31 - b . 

18 - b I 


UHNCr 17 878 
UMSmi .72 8 186 

US BO J0 11 181 
US HiC .16 148725 
US Sur JO 23 486 
US Tn 1 121007 
UStffin J4 22 86 

UVaBs U4 11 413 
UnuFra 16 125 
UnvHtt J3a 21 S3 


■St S 
28% 28 

29% 28% 

10 % 10 % 

2 *» 29% 

35 35% 

20 19% 

31% 30% 
17% 17% 
8 % 8 % 


VBantf 

VU 

VIST 

VM 8fa 

wsndLg 

VteFfa 

VclNU 144 

Vleorp 

VUnrMa 

vtttig 

ViponI 

vmka 

Vbtvo 123(1 


wo 40 132a 
WoRHO jo 

WaitSv .14* 

Warran 

WasbEa 13 

WFSLa .88 

WMSSs J8 

WairlGUD* 

WattdnO.08* 

W aaP JB 

WtMOPn 

WbWR 

Wsatcp 

WstAot 

WuCap 

WatFSL 

WnWsta 

WtTIA 

Wfanrit 

WnwC JO 

WHwOa 

WaaraUMb 

wntandlJS 

WlltAL 

WISPS 
WUmTs J2 
WBanF 
Window 
WfaHO AO 
Woburn JO 
WCYS .10a 
WOW 

WortegkJC 
Wyman JO 


mm*. 

XOMA 

Xleor 

XUav 

xytaoic 

Xywi 
YKwPS J2 
ZZSast 
22ftmt 
ZaoNri JO 
ZteiUt 144 
Zondvn 


V V 

33 80 28% 29 
887 4% 4% 

328592 18% IS 
41 384 32% 32% 
200682 41* 3% 

5 228 16% 15% 

7 321 38% 38% 
891 12% 11% 
23 758 16% T5<* 

13 HI 18 16% 

88 55 W 15% 

1257 16 14% 

600 51% 50% 

w w 

22 143 33% 321* 
10 108 20% 20% 

14 13% 13% 
418 10% S% 
81987 17% 17% 

7 139 25% 24% 
4 848 29% 28% 

14 796 18% 181* 

IB 79 21% 21 

12 148 30% 30% 
230 12% 12% 

14 38 29% 28% 
881 8% 81* 
25 85 11 10% 

W 575 14% 13% 
4 73 19% 181* 

23 53 21 20% 

181785 147, tJT, 
10 148 15% 14% 

1241 25% 24% 
20 156 24% 231* 

34 188 24)* 23% 
18 81 45% 44% 

14 BS2 48% 48 

151173 18 17% 

m K% 14 

15 29 31 28% 

18 819 11 % 10 % 
17 183 9% 8% 

188235 18 18% 

44 IV* 11% 
373 14% 14% 
452 18% W% 
301418 IS 18% 
63 18% 18% 
215738u32% 30% 

X Y Z 

45 107 2S% 24% 
1282 27% 28 
1819 12% I'M, 
488153 14% 13% 

189 ID* W% 
41 24 18% 18 

162442 93% 32% 
1SB4 W, 1S% 
500 12% 11% 
123519 3» 018% 

13 73 43 42% 

2910 17% 18 


20 + % 
31%+ % 
171* - % 

a%+ % 


28%+ % 
4% 

*%+% 
32%+ % 
4 - % 

£*" ** 
w«+ % 

117,- % 
VP* +2 
17%- % 

W| 

2S* + J* 

»% -V, 


83%+ % 
20 % 

«%- % 

is: i 

a.: 5 
18% + % 

a-\ 

W% 

a%+ % 

11 + % 

■>*%+ b 
19%- % 
21 + b 
T4%+ % i 
18 + % 
25 - % 
23»* -1 I 
21 

4C.-V 

IB + % 
Mb 

sr* 
11 % - % 
i 

W%- % 
32 +1% 


25+% 
2B)|+ % 

12 %+ a* 

14 - % 
17%+ % 
18 - % 
33%- % 
W%+ % 
»%+ « I 
20 + % 
43% — % 
W*- % 


1 yn-fhn fipn 


NISE-ComlM ISOS Aetiw* 



■■Sanmfa May Z. NUci 24J09J TSE 7038*3 


Bme nhin of all Mflces are 100 except Bnnsds SE-1.000 JSE GoM-255.7 JSE indusirtais- 
»« and Aunraio. Alt Ordtnary and Metals- 500; NYSE All Com moo- 50; Standard and 
Toronto Composite and Metals— 1000- Toronto Indices fused 1975 and Montreal 
Portfolio 4/1/B3. t Excluding bonds, t 400 litCkfSfrlali plus 40 UUIKin. 40 Flnanculs m 20 
transports, (cl Closed. (u> UnavailatUr. 


LOffiXM - Most Activs Stocks 
Toisday. May 12* 1987 


TOKTO - Most Aetiw Stocks 
WMhmfcy. May 13* 1987 



SftKfa 

Tradad 

S4Jfa 

SIJQa 

Cfafa 

Pncxt 

371 

407 

wDnr 
-18 
+ 2 

McB. 

Tokyo fad 

Stock* 
TfaW 
_ 2X39*1 
- ZUlB 

CkamQ Ctaago 
Pricw MB» 
SS8 -10 
1JM -ID 

4447a 

28J5b 

2SJ2b 

1J60 

31* 

889 

+88 

-28 
+ S 

MtniftCa 

MnMfa 

Tnkfa 

- 21 M* 

- 28 &1*i 

- 175ta 

815 —24 

580 + 8 

778 - 18 


- Chief price changes 

LONDOIN Pn pwica unless otherwise fndteated) 


RISES: 

ACHIdgs. 


575 +35 


Aquascutum — • M3 +38 
Avis Ear. 368 +15 


BICirda 


905 +27 


BrentChem.— 1W +15 
Bryant HMgs. - "87 +7 


BunzU. 247 + 7 

CbteitWireless. 396K +lft 
CSrcaprint - - - 186 +10 

DdynPck. 482 + 32 

Ellis&GoldsL_ lOOtt + 7 
FKBGraop 340 +20 


FTameffJJL) — 

GarlRests. 

GlaniLawr. — 

Glaxo 

HACrosEdd — 
Ingram (H.) — 

Land Sec. 

MEPC. 

Micro Focus — ~ 
Palma Gr. 


201 +13 
253 +19 
113+9 
£15% +%* 
531 +23 
158 +M 
469 +17 
448 +19 

150 +14 
98+8 


R&ODefi-. 

Perry, 

Owners Abr.. 

RHM 

Time Prod — 


647 +17 
268 +13 
115 +17 
330 +13 
161 +13 


7fymiaIlHldg5>- 360 +17 
intramr- 245 +12 


FALLS: 

BritAerosp.. 


638 -17 


Amer to raise 
$58m in scrip 
and bonds 

By OM V. Vlrtanen in Helsinki 

AMUR , the Finnish con CT mAr prod* 
nets group, plans to raise a total trf 
FM 250m (558m) through a scrip 
and rights issue and a bond with 
warrants. 

The share issue will consist of a 
one-for-five scrip issue totalling FM 
46m while the ene-for-five rights is- 
sue at FM 12Q a share will raise 
Amo's share capital by FM 23m. 

In nAlitiyiw flwy vrfU be a FM 2m 
issue directed to Amer employees. 
The price of that issue mU be FM 
130 a share with maximum 100 
shares for each employee. 

The FM 100m bond issue to Pin* 
irish investors will mature in 7 
years vrith an interest of 5^ per 
cent The issue price is 100 per cent 
Each bond, wife a nominal value of 
FM 1,000 will carry five warrants 
each of which entitles the holders to 
subscribe to one Amec's new re- 
stricted “A" share. 

These turns will be finalised at 
an extraordinary general m eeting 
on May 25. i 


Alcan to build Quebec Danzas sees 
smelter in phases “mi 


BY ROBERT GIBBENS IN MONTREAL 


ALCAN Aluminium is going nhggrf 
with construction of the 200,000 
tonnes yearly Laterriere smelter 
north of Quebec City, but in three 
phases in order to preserve maxi- 
mum flexibility. 

The Laterriere project, originally 
to cost about 5750m, was delayed in- 
definitely in 1984 because of the col- 
lapse in international aluminium 
markets. 

Alcan said the first phase will 
bring in between 50,000 and 60,000 
tonnes of new ingot capacity at a 


cost of up to £225m, with the start- 
up late in 1989. About $25rn has al- 
ready been invested in site prepara* 
tion. 

The remaining 150,000 tonnes 
will be built over the n ext few 
years, bringing total investment to 
more than 5500m, though the sched- 
ule could be advanced if market 
conditions warrant 

Laterriere is part of a 30-year re- 
construction of Alcan's Arvida 
works, built up mainly for World 
War 12. 


Memotec drops equity plan 

BY OUR MONTREAL CORRESPONDENT 


MEMOTEC DATA, which has 
acquired Teleglobe Canada for 
CS448m ($337m), has dropped the 
idea at raising new equity in Euope 
and seeking a London Stock Ex- 
change listing, foDowing acquisition 
of & one-third interest in the compa- 
ny by BeD Canada Enterprises. 

Memotec bad planned to raise 
about CS150m to repay bank bor- 
rowings incurred for the TeJegtobe 


deal The new equity was to have 
been found in Canada and Europe. 

However, BCE has invested al- 
most C$200m in Memotec Treasury 
shares and notes, and Memotex will 
reduce its planned share offering to 
about C$5fon and confine it to Cana- 
da. BCE trill become the largest 
angle shareholder in Memotec 
which, in turn, owns 100 per cent of 
Teleglobe. 


By John Wicks In Zurich 

DANZAS, foe world's leading inter- 
national forwarding agent, an- 
nounces a decrease in group turn- 
over for 1986 from some SEY 5Abn 
to SFr 525bn (S3.8bn). 

The Basle parent company, 
whose turnover remained un- 
changed at SFr IU5bn of this total 
booked an 11 per cent rise in net 
earnings to SEr 8.2m. At its June 18 
shareholders’ meeting, it is to pro- 
pose increasing the dividend from 
SFr 80 to SFr 70 per share. 

The board will also ask for ap- 
proval to create a participation-cer- 
tificate capital by the issue of 50,000 
of non-voting shares of SFr 20 nom- 
inal value to existing shareholders. 
No price has yet been determined. 

Shareholders will also vote on ap- 
proval for the issue of a further cer- 
tificate issue of up to SFr 4m nomi- 
nal value at the discretion of the 
board and at conditions to be an- 
nounced at the time of issue. 

























































































































































































































38 


0 Financial Times Thursday May 141987 


NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


12 Month 
High In* 


91 

Our. YM. E 


13 

2a 3.1 

1.7 93 
t 1.7 25 
21 19 

3 1 9 

4 1 30 

i 16. 

13 12 
3.3 15 


AAfl , .50 1.6 22 

AOT 92 2.9 IQ 
AFG .12a .3 11 
AGS 23 

AMCA 
am ma 

AMR 12 

ANR pf 2.67 10. 
ANR pf 212 9.2 
ARx s 13 

ASA 2a 3.1 

AVX 1.7 93 

AMU) 3 1 1.7 25 

A«oWJB2 21 19 
AcmeC 40 3 19 

AemeE.32) 4 1 30 
AdaE* 3.42a 16. 

AdmMt 24 U 12 
AdvSysBZI 3-2 15 
AMO 

AMD pf 3 5.S 
Adobe 

Adob pf 1.B4 9.2 
MOO M2 « 11- 
Advesf 12a .8 11 

AatnU 276 46 9 

AmL pCLSl« S.4 
ArtlPb 3 .32 .6 27 

Ah mots ,ee 4 2 6 

Ailoen 

Air Prd £0 16253 

AJrtaFrt .60 1.7 13 

Airgasn 

Airis# nl.COa 6.1 
AIMaan 

AlaP dpi 67 66 

AlaP pf 9 9.3 
AloP pi 9 44 g.4 
AlaP pf 8.16 9.1 
AlaP pf 828 3.3 
AlskAIr 16 .8 13 

Alberto 24 1.0 31 

AIBCul«4 1 2 25 
Albans 96 1 9 17 

Alcan .80 1.7 17 
AlcoSMX 28 17 
AlexAto 1 4.4 27 

Ataudr 46 

AltegCp 14 

Alglnt 
AJpfn pr 
Algl pfC 
AlgLudn 

AngPw2S2 72 10 
Airega 1 1-4 22 

Aliena .36 32 

Alton pfl-75 SO 
AildPd 11 

AldSgnf.SO 42 13 
AtldSup 28 

AllaCD 

AiaC p> 

ALLTL 204 a? 15 
Alcoa 120 232*5 

Am a* 35 

Am Has 14 

AHes pO SO 22 
ABrch p 

ABmd s208 42 13 

ABrd pf2S7 30 
ABkJM 20 25 18 

ABmPr 60 28 17 

ACapBfl.20 9.6 
ACapCiXa 18. 
ACMR la 58 11 

ACaniC 

ACyan 210 23 20 

ACyan wl 

AElPw 226 &4 10 

AExp s 12 

AFaml s 22 20 8 

AGnCp 125 24 8 

AGnl wt 
AGnl plM31o7A 
AHItP n.22e 13 

AHobt 

AHotaipfl 95 9.1 

AHomei34 32 16 
Amrtc a 5 80 II 

AlnGr s 25 .4 13 

Akfl .72 4.1111 

Am Mot 

AMotr pf238 6.4 

AProad .50 1.3 21 

APrad pG.50 42 
ASUTa 2 

ASLF1 p(219 12 

AStilp .40 52 

AmSld 1.80 43 8 

AmSSor 34 12 19 

AStr ptA433 6.7 
AStr pfBtfiO 12 
AT&T 1.20 46 22 

AT&T pOM 72 
AT&T pf3.74 7.4 

AmWtr12fl 21 II 
A Wat pr125 82 
Am Hoti 

ATr pr 627 &1 
ATr ac 

ATr in 627 5.7 
Amaroft9B 29 13 
AmesQjJO .6 30 
Am mb* 1 3.3 IB 

AmevSS-08 92 
Amtac 

A/nfne pf'X S3 
wjAmfac 

Amoco 330 38 33 

AMP 80 1.4 34 

Ampca 20 20 

Amrep* 13 

AmSOi 1.16 3.5 10 

Anocmp 56 

Anadrfe 20 1.0 

Analog 51 

AnchGa .08 2 14 

Ancnori.48 4.9 36 
Angelic .84 23 15 

AnQlCrnl.53 12 
Anneu 9 .48 1.4 19 

Anbau prlBO 27 
An mem 40 

Amhnya.44 30 35 
Aon Cp 240 42 7 
Apache 28 24 

ApcP in .70 68 
ApPw pO.65 9.7 

ApPle pM.18 12 

ApPw pO80 12 
AppIMg 31 

ArchOnlOb 8 12 
Arista n.lUe 8 17 
ArlP pf 6a 88 
ArlP pf 256 12 
ArhBaia 26 20 11 


17% 

Arkla 1.08 

4J 19 

497, 

ArMa pi 3 

5.9 

8% 

Armada 

13 

4', 

Armen 


13 

Armc p»2.T0 

SB 

247, 

ArmWIaX 

24 M 

45 

ArmW pf3.7S 

73 

13% 

Armwk .« 

24 

3% 

ArowE 20} 


9', 

ArowEptl-94 

M. 

2W, 

Artra 

IX 

22% 

Antal X 

1.7 16 

10 

Aurco 


24% 

tearc ptZ.ZS 

SJ 

53% 

Asnioin.80 

2.9 15 

10 

AalaPcn 


9% 

AUlSon 

11 

15% 

Am la nd X 

7.7 41 

33% 

AiCyEl262 

7.3 12 

45% 

AURich 4 

43 31 

109 

AORC 072.80 

1J 

11% 

ABosCp 


5% 

AudVd 

11 

15 

Augat .40 

1.8 42 

in. 

Arrttirt 32 

12 

23 

AuuDtaX 

-fi 28 

3% 

Avalon 

35 

25 

AVMC X 

1.1 14 

18% 

Avary s 

19 

25% 

Avne! X 

1.4 82 

26% 

Avon 2 

63 14 

17% 

Aydln 

M 


B B 

<«, 

BMC 


X% 

Balmee.70 

19 16 

15% 

BkrHu n.46 

21 

171, 

Balder A4 

22 19 

34% 

Ball X20 16 

14%! 

1 Balyk** 20 

1.1 22 

2ff, 

BaliGEl.DO 

5.9 10 

22% 

BocOne 92 

27 10 

S1% 

BncCU.SSo 

23 

% 

BanTax 



6 5% 36'? Bandg a .70 1.1 20 

3XV 221, &BOS1 I 30 6 

521, 471, BKB p(A301e58 

529, 46>a BkB pf8201e59 

53 5T'« BkNE dpOSOe&a 

463, 371* BkNY a 1.68 4.1 8 

17% 9% SnkAm 

407* 26 BkA p 13240 98 

ill; 449, SKA pf 6o 11. 

131, 7', BkA pf 288 

33?, 29 BKARty2 40 7.7 14 

521? 411, BnkTi al 66 3.5 6 

251, is'? Banner 06 .3 14 

357, 26*2 Barely n 1.46# 4.1107 
501, 201, Bard 40 9 24 

40% 3(0, BamGp 1 28 15 

407, 31', Barnet s. 92 2.5 12 

24 141* BaryWr.GO 3.1 22 

111. 67* BASK .14, 18 

499* 33), Bauecfi .66 1.9 18 

261, 153* BaxITr .44 18 12 

50 441, BxlT pfA2 96*6.1 

86% 58% BrfT pffKLSO 4.4 

33', 22'? BayFIn 20 8 55 

903, 201. BaySGai 52 S8 11 

23% 15>, BearSt .48b 2.7 B 

40’ ? 31 Blaring 1 28 22 


16 91, 

565, 45% 

l 7 * 5-32 

3% 7-16 

23% IP, 
51% 35% 
50 35', 


BoefOk .74 13 

vfBeker 

vjBakt pf 

BekJnH 40 17 

BeJHwf 82 1.4 

BeiHw pf.74 1 7 

BoflAtf 384 3.9 

8C€ g 2-40 I 
BeHInd 32 1.5 : 

BollSos2X 59 
Be'oAH .60 13 : 

Bemis .72 2-0 

BanfCp 2 4.0 

Bern* pMX 92 
Sene' pC.50 93 

BenglB 
Beraey 
BestPd 
BethSU 


5b 

lOfeRigh 

411 31% 
665 31% 

29 377, 

64 43% 

2 8 % 
1202 6 % 
9923 577* 

1 253, 

1 23 

393 ul 1% 
WZ 85% 
263 18 7 , 
5186 60', 
162 30 
154 13% 

1 77, 

54 21% 

117 16% 

75 20 
2479 22% 

262 531, 
226 9% 

14 20 

13 21% 

45 147, 

2678 58% 

2 52% 

51 5t% 
5309 21% 

76 43, 
1414 457, 

376 343, 

40 10% 

128 IP, 

151 % 

ISO 101, 
250 98 
280 100 
2390 90 

250 60% 

1138 193, 
67 25% 

21 19% 

388 51% 
4738 u46% 

70 SO 
9614 23% 
156 48% 
198 u3ff% 
2082 19 

52 IP? 
119 83% 
4073 u29% 
535 407, 
66880701, 
143 17 

3 21% 
143 38% 
3339 43% 
273 Bi 2 
786 3% 

4 30i? 
526 40 
6 857 5 1% 
35757217, 

ease u37% 

I u160 
1411 30% 
1488 44 

5 69 

58 25% 
64 28-% 

38 227, 

13 32% 

38 17% 

40 3% 

2683 81 

4 45% 

1358 TP, 
1658633% 
1427 11 
6537 36 
40 16% 

33 523, 
467 187, 

< 8% 

12 21% 
1461 847, 
1005 84% 
5888 83% 
1259 IP* 
3098 4% 

57 37 

296 40% 

6 78 

2987 12% 
51 21 % 

31 73, 

51 <2% 
337 70 S, 
40 76% 

71 561, 
30335261* 
2S 50% 

B 50% 

78 41 
Z10001S1, 
137 12% 

II 77% 

3 33% 

6 110 
17 331, 

583 22% 
218 31 
3B 11 

79 30% 

5 32 

100 3 
3385 88% 
1396 57% 
87 15% 

14 14 

216 33% 
786 87* 
4366 29', 
399 23 
797 24 
>00 30 
27 267, 

13 14% 

3463 34 

7 132 

129 177, 

44 14% 

894 49 
353 11% 
<394 8% 

1 27% 

2 31% 

23 28% 

458 381, 
5770 197, 
1062 29 
Z3000B2 
5 27% 

244 IP* 
1783 u2S% 
25 51 

5 14 

2133 121, 
11 241, 

724 361, 
Z100 50 
44 107, 

71 6% 

36 14 

60 30% 
569 399, 
1737 27 

24 46 
1290 S3', 
766 10% 

5 71% 

310 207, 

84 38% 

9164 94 

1 220 % 

15 24 
150 5% 
677 24% 
596 21% 
1934 46% 

1 

215 401, 
933 23% 
1343 351? 
3001 31% 

52 34% 

B 

128 8% 
917 37% 
2313 22% 
20 20% 
538 41% 
650 17% 
1246 30% 
912 25 

2 401* 
259 71-16 
143 65% 
BIB 33% 
100 51% 

1 51% 

1 51% 

779 417, 
3000 12 
35 33% 

34 S3 

152 83, 

21 31% 

1755 467* 
143 23% 

3 u36% 
4382 43% 

4 36 
1038 38% 
238 19i« 

389 7% 

1368 «P* 
1029324% 
23 48% 
1277 82 
31 227, 

x23 28% 

377 17% 

17 ‘ 38% 
887 14% 
2055 55% 
334 7-16 
1 15-16 

30 23% 
234 44% 

1 4« 

1542 65% 
253 31% 
" 22 
4568 38% 
49 60% 

77 35% 

251 49% 

1 48% 

zlO 27 
914 7% 

29 S3, 

311 9% 
5534 15% 


Cb'ga 

Dose Pra*. 12 Monti 
Low QnmOnu Kgh Lm 

303, 31% +% ft IF* 

31 31% ~% 

3 «% +S «% ?^ 

k S " p “3 

sS, 5P| +% S S 

253, 253, -% “ j»% 

23 23 + ’* SL 

71% »1% + V Sr® S?* 

84'? 65 + % “f* S1% 

ir? 1B% m «i4 
59% 60% “* *!• 

29% JO 4-% 30% 

12% 13 4- 3a 251* 

7% *5 » ^ 

207, 21 ®| ^ 

15% 16 2% £4 

19% 19% -% “ »®4 

21% 213. -% »7 15% 

53% 53% - % 25% 

9% -% 42 31 ** 

20 20 +% ”]% ®7% 

20% 21% +% S* 

14% 14% -3 28% 16% 

57% 573* — % lf« 

52% 52% 2% 

20% 20% -% ^ » 

s a «. s & 

34% £% 

10% 10% -% *** *** 
187. 167. -% W, 

10 10% +% ^ 1P« 

97 97 - 2 25 
100 100 
90 90 +% 

69% ag% +% SfJ* 

19% 19% -% 

24% 24% -% 1£% 

19% 1934 2* * Hi® 

50% 51% +% % “J* 

46% 46% +% " 

49 48% -3, P* 

022% 22% -1% 19 , ”4 

481, 48% -% 

95% 97 +1% 33 237, 

18 19 + 1 54 SO 

17 17% +% 171 121% 

83 83 +% 5% 37, 

287, 29% + % 6P« 51% 

40% 40% — % 3*7, 28>, 

63 69% +1% 62 S3 

18% 16% 3% 11-16 

21% 21% 68% 47% 

37% 37% -1% 14% 11% 
42% 423, -% 273, 18% 

8% 8% 30 23 

3% 3% +% 543. 2g% 
30% 30% +% 39ij 277, 
38% 39 -1 24% 20 

51 51% -% 21% 181, 

21% 21% +% 2(P, 13 

36i, 361? -% 35% 25% 

160 180 42% 210 168 

38% 38% -% 41% 24% 

43% 43% +% 15 7% 

89 89 40 27% 

25% 25% 4% 33 15% 

287, 287* 4% 1Q7, 81? 

221, 227, 41, 42 27% 

321, 321, -1, 12% 57* 

IP, IP, -% 41% 131, 

3% 3% +% 34% 147, 

80% 907* +1% 15% 4% 
45% 45% +% 20 8% 

26% 27 341. 14% 

32% 33 -% 27, % 

010*4 11 +% 70», 501? 

3P, 3P, -% 18% 10 

15% 16 -% 45% 4% 

52% 525, 368 2273, 

16% 16% 4% 38), 28% 
8% 8% -% 14 87, 

21% 21% 4% 387, 2B% 
84% B4% -1« 9% *% 

83% 84 -% 42% 317* 

62 63% 4-1% 427, 30% 

17% IP, +% 4P, 28% 

4% 4% 407, 30% 

307* 367* 64 30% 

3S7 a 40 4% 151 58% 

77 77 -1 21% 11% 

11% 12% +7, 167* 147, 

21% 21% 23% 14% 

7% 7% -% 24% 16% 

41 42% -% 29 16% 

70 70% 4% 57% 38% 

7B 76% 4% 10 8% 

55% 58 4% 10 47* 

247, 25 4% 68% 51% 

50% 50% 4% 273, 181? 
50% 50% 4% 40% 281? 

40% 407, 4% 40% 28% 
15% 15% -% 397, 21% 
121, I2i, 30% 21 

77% 77% -% 38 29 

33% 33% 4% 381, 31 

109% 1083,-1% 201? 15% 

33 33% 4% 31 22% 

21% 221* -% 8% 4% 

301, 30% -% 197* 14% 

107* 11 217, 17% 

30 30% -% 417, 24% 

32 32 -% 43% 22% 

27* 3 4% 14% 83, 

883, 87% 4% 8% 2% 

56% 5P? 4% 451? 34 
15% 15% -% 57% 51% 
13% 13% 54% 51% 

33 33% 25% 10% 

8% 8% 343, 25 

29% 29% -% 43% 29% 
22% 22% -% 537, 40% 
22% 24 +% 8 7 

30 30 4% 11% 11% 

26% 28% -% 531? 51 
14% 14% 35% 18 

321? 33% 4% 40i, 25% 

127% 132 46«j 81% 34% 

17% 17% 4% 140 128 

1«% 14% 4% 88% 56% 

483, 49 4% 52% 28% 

11% 11% 12% P, 

Pa 8 27 17% 

27% 2P« -% 7% 4% 

31% 31% -% 42% 22% 

28% 28% -% 78% 53% 

367, 36% +1% |8% 10 

19% 19% -% 7% 4 

28% 2B7, -1, 43% 31% 

92 92 50 381, 

2P, 27% 31% 217, 

IP, 17% 4% 1037, 87% 

247, 247* -% 105 93 

50% 50% 4% 33% 18% 

14 14 -1, 18% 13% 

117* IP* 41% 18% 

237* 237, -% 26 14 

37% 38 41? 631? 47%, 

50 50 4% 90»? 77% 

19% 19% 4% 8% 6% 

6% 6% 16% 6% 

13% 13% -% 28% 15% 

30% 30% 4% 16% 81, 

39 39% 4% 17% 6 

26% 26% -% 21% 10*, 

443, 48 83% 68 

62% 83 4% S3 80 

10 10 85% 46 

11% 11% -% 321? 22% 

IS 7 , 207, +1 zi 21% 

357, 36 4% 20% 97, 

91% B3*< 42 19% 11% 

228% 220% 4% 36% 15% 

24 24 36 24% 

5% 5% 4T, 49 327* 

23% 24% 4% 18% 137, 

21 21% 4% 20 8% 

45 467, 4% 44% 30% 

5% 5% 487, 35% 

45% 46 4% 67 53 

23% 23% 41? 23% 14% 

35% 35% 4% 10 87* 

31% 31% 15% 9% 

33% 33% -% 561, 37% 

80 54 

T*i ■ -% Jf® s> 

37% 37% 4% 1® 

21% 21% “% U'® 

20 20’a TxJ ft 

«i% ®i% +% 

17% 17% +1* ■*? 

30 30% -% 

W% » +% r* 

40% 401* — 1* 25 
% 11-164 1-1 j*. 29% 

M% «% “% S* S 4 

32% 33% 4% 

s:j st « i I' 

a- if -i si a. 

117* 12 4% 43% 27% 

32% 331, +% 47 11% 

52% 527; -Z 24% 15% 

8% 8% 251? 9% 

31 31 "% !' 

461, 487* 4% M% 11% 

S2% 23% 4% Z3% 10% 

38 38% 41 54 243, 

421? 43% 41% 27% 22 

357, 357, -1, »% «% 

37% 37% -% 3® *2% 

7% 7% -1, *2% « 

45% 48% -1% « 

227, 23% -% »% 27% 

48% 48% 4% S3% 

80 80% -1% 34% 28% 

22% 22% 4% 23% »% 

28% 28% -% 30% » 

17% IP? “ & 

38% 35% +% 2 *!» 

” 14 “% S 22 

% MB +1-32* 

15-16 15-18 + 1-18 S' 

23% 23% 4% »4 27 

43% 44% 4% “ 

44 44 -1% 31% * 

84 64*, — % 31% 27% 

307. 31% 28% 19% 

22 22 - % 23 s * !7% 

371, 87% -% S J 

GO 60% 4% as 7 , 18% 

331? 35% 4? 35% 28% 

487* «% 54^8 « 

46% 48% -% 8 4% 

* V -l 48% 407* 

7% 77, +% 

5% 5>, « 

S', 

14J, 15% +7, 6*4 8% 


Gb'g* 

P/ SU Case Pm>- 

Stcfc Ohr. YU. E IffihHigh Law Qimm Dan 

BemSlpf 140 37% 36% 37% +% 

BethS ptB 442 167, 151, igs, * % 

Bovriya JO 1.4 20 2373 14% 14% 14% -% 

Bevff* n2-17e MH 433 23% 21% 23% +1% 

Basefl 47 511 is*, 18% 19% -% 

BlBCkD .40 1J 38 7628 22% 21% 22% +% 

BlkNC *1 JO 5.7 13 181 21% 21 21 - % 

BlkHR 1.48 2.9 25 216 32% 507, &f% -% 

BfuChpn 358 10 d 9% 9% -% 

Boeing 1.40 3.1 11 7811 457* 45% 45% 4% 

BotaeCl.90 2.7 10 1985 69% 88% 89% *% 

Bona pfG3.50 8.0 66 SBi? 561? 58% - 1 

BohBor 10 2 30 SO 46% 46% 46% -% 

Bordens 1^8 SJi 18 1901 56% 5S 56% 4% 

BorgWa 1 22 19 SB2 46% 48% 46 -% 

BorgWwd 86 4Q% 46% 45% 

Bortnns20 1.0 9 83 20 19% 193, + % 

BCefan.35* 2J 8S m% 14 14% -% ! 

BoaSdsl.78 909 207 22i? 2?i, 22% -% 

BoaE pm. 48 92 19 18 15% 157* 

Bowalr 80 23 23 3064 38% 35 35 -1% 

BrigSl 1.60 4 7 20 187 34% 33% 34% -% 

BriaiM 280 28 23 2217 98% 96% 98% * % 

BtlM Wt 64 49% 48% 49% +% 

BrAIr pp 2057 u29l? 28% 28% +% 

BrGaapp 4095 18% 18% 18% +% 

BrlfLnd 2 3% 3% 3% ~% 

EtHPx 248o 16 14 4654 69% 68% 00% +% 

BrtfTel 129e 27 17 215 51% 51 51% -% 

Brack n 5 102 10% 10% 10% - % 

Brckw a .96 2L3 IS 93 42 41% 42 41 

BMyUGI .66 6 0 14 154 28% 27% ZP* -% 

BkUQ pC. 47 as 2 28% 28% 28% 4 1, 

BwnSh .40 10 80 22>, 21% 217* -% 

BrwnGflJO 3.8 18 78 391* 38% 39 -% 

BrwnFs 28 5785 29% jfp t 29% 41% 

Bmavrfc .80 1.3 17 748 47% 46% 47% +1% 

BrallWI -56 1 J 34 452 44 43% 43% 

Buefceja220 9.6 10 488 23i, 22*, 23 

Bundy .92 3.7 12 14 24% 24% 24% 

BunkrKLie 11. 32 19% 18% 10% 4% 

BKtmr I BS 9.8 14 68 18% 19 19% 

BurinCt 16 137 30% 38% 287* -1% 

Burundi .64 23 31 4096 661? 65% 65% -1, 

BriNth 2 2.7 19 2202 74% 72% 73 -% 

BriNo pf 3S 6-2 1 87* 87* 87* 

Bumdy 20 52 IP, 10% 17 -% 

c c c 

CBI In SO 2.0 42 490 31% 30% 30% -% 

CB1 pf 97 53% 83% 53% 

CBS 3 1.8 17 336 167 164% 168 +% 

OCX 1 4% 4% 4% 

CIGNA 280 44 7 1954 611, 597* 60% -% 

CM3 pf 2.75 94 3D 30 29% 28% -% 

QG pf 4.10 7 A 200 55i, 55 5614+1, 

vfcXC 24 1% 11, 1% 4-1* 

CNA Ri 9 383 62 50 51% -1 

CNAl 124 10. 40 12% 12% 12% -% 

CUM 9 284 247, 237* 24% +% 

CNW pf 2.12 74 20 27% 2P« 27% -% 

CPC s 1.24 26 20 3962 477, 43 47% -t-< 

CP Ndl.60 5.4 10 130 29% 29% 29% 

CflflM 341e 17. 10 109 Sit, 207, 207* -% 

CRI U n2.0le 11. 65 18 161? 18% -% 

CRSS 34 1.7 18 37 193, 19% 19% -% 

CSX 1.16 14 13 3038 341, 33% 333, -% 

CSX pf 734 1 200 200 200 

CIS 1 34 98 28% 28% 26% +% 

C3 fnc 65 149 11% 11% 11% +% 

Cabot 42 U4 IB 289 38% 38 38% 

Caesar 19 589 31% 31 31% +% 

CaJFIPn 1 11. 32 9% 9 9% 

CaffedliO 3.7 4 923 32% 32 32% -% 

Cal RE 40 Id 119 61* 6 6 

CaUhn 40 4 95 158 37 38 36 -% 

Caknau.40 14 13 128 31% 31% 31% -% 

Colton n 13 197 10% 10% 10% +% 

Camml .04 4 164 19% 16% 19% +% 

CRLk g .40 36 685 31% 31% 31% -% 

CmpR g-ISt 543 2% 2% 2% 4% 

CamSpl.44 22 19 751 66 84% 66 +% 

CdPac 3 .48 21 6513 1B% 18% 18% 

CanonG 8 1209 5% 5 5 

CapCtts 40 .1 28 539 353% 349 350 -% 

CapHk) 48 24 7 490 321, 31% 32 -% 

Carina g .48 13 13% 13% 13% 

CartfcM.10 10 17 27 37% 37 37 

CaraiPR 14 22 7% 7 7 -% 

CaroFl 40 1.4 14 161 35% 35 35% - % 

Carper 2.7B 74 9 318 36?, 38% 36*, -% 

CarTedlO 46 46 317 o4B% 46 48i* -1 

CwPlr .70 14 21 96 38 38% 38% -% 

CanHWI42 20 50 553 81% 81% 61% +% 

CartVH 40 .9 22 566 96% 93% 93% -2% 

CartSu n.07r 4 5 154 13 1Z% 12% -% 

CaacNQ.28 74 85 7 16% 16 16% 

CesOCk 41 3277 23% 227* 221* 

CsUC pf 40 18 933 24 23% 23»* +% 

Cadyot 31 630 24i, 23% 237* -% 

COlerp 40 4 3401 56% 54*, 55% -% 

Cedrfo 297 97, g% g7* 

C«ngy 3 583 07, 9% 9% -% 

Cental 240 44 15 1203 58% 57 57% -% 

Cen£n246 116 17131187* d18% 17 -!'» 

Cantax 45 .9 11 113 29% 287* 29% 

CanSoV28 74 8 1729 31% 30% 307* -% 

GenHu£48 11. 6 126 26% 2m, 25% +% 

ChllPS 1.72 74 12 3424 24 23*. 24 

Cn La EC. 08 64 9 60 30% 297* 30 

CLaQ p(4.18 11 8 31% 31% 31% -% 

CaMPwf.40 74 11 147 18 17% 17% -% 

CWS 140 84 7 35 27% 267, Z7% +% 

CentrCp 910 4% 41, 4% +«, 

CnlryTI 44 4.9 11 68 17 167* 17 +% 

Canvtfl 240 HID 21 21% 21% 21% -% 


Bordens 1.28 
BorgWa 1 
BorgWwd 
Bonnno20 
BCefs n.35* 
BoaEd sl.78 


BrigSl 1.60 4 7: 

BrisiM £40 ZB : 
6tiM wi 
BrAIr pp 
BrGas pp 
BrlfLnd 

BrRPl 2.490 16 

BrffTell49e 27 
Brack n '• 

Brckw s .06 2-3 

BMyUGI .66 6 0 

BkUQ pC.47 16 

BwnSh .40 10 

BrvmG04O 34 
BrwnFa 

Bmswk 40 14 

BrshWI 46 14 I 

Bwekaya220 9.6 
Bundy .92 17 

BunkrKLie 11. 
BKlrtv 146 94 

BurinCt 

Burilndl 44 24 : 

BriNth 2 27 

BriNo pf 45 6-2 

Bumdy 


CBI pf 

CBS 3 14 i; 

CCX 

CIGNA 280 44 7 

CM3 pf 275 94 
QG pf 4.10 7 A 
vfcXC 

CNA Rl 9 

CNAl 144 10. 
CUM 9 

CNW pf 2.12 74 


CSX pf 
CIS 

C3 fnc 
Cabot 42 
Caesar 
CaJFIPn 1 
CaiFediJO 
Cal RE 40 
CaUhn 40 
Caknan.40 
Calton n 
Camml .04 
CRLk 0 .40 
CmpR g.Wf 
CamSpl.44 
CdPac 3 AS 
CanonG 
CapCU8 40 
CapHld 48 
Coringg .48 
CanbM.10 
CaraiPn 
CaroFl 40 
CarPw 278 
CarTedlO 
CwPlr .70 
CorlHWI42 
CorflM 40 
CanSun4?r 
CaacNQ.28 
CealICk 


207, aj7, -% 
18i? 18% -% 


38 38% 

31 31% + 1, 

9 9% 

32 321, -% 
8 6 

36 36 


Caterp 40 4 

CedrF o 
Congy 

Cental 240 44 

Cen£n256 11 
Cantax 45 .9 

C«f>SoW28 7.4 
CenHidse 11. 
ChllPS 1.72 74 

CnLaEE.08 84 
CLaQ pM.18 11 

CaMPwl.40 74 
CWS 140 19 
CentrCp 

CnlryTI 44 4.9 

CenvUl 240 ML 

Crt-tead 1 24 

Chmptn.64 14 
ChomSp 
ChartC 


1 I2Memh 
High law 
14% 11% 

1% \ 

60 35% 

37% 21% 
26% 14% 

9’. 5% 

21 16i* 

15% 11% 

75 46% 

43% 28 
10% s% 
17% 9*, 
19% 13% 
21% 131, 
467* 28% 
135*, 69 
45 29% 

132 BE 
26% 17% 
16% 6% 
91% 51% 
68% 54% 
13% 11% 
63 50% 

507* 40% 
29>, 21% 
f6% 12% 
» 11 % 
48% 25% 
261, 9% 
11 6 
42 25 

91, 4% 

33 21% 

8 5% 

25% 8*, 
34% 18% 
58% 38% 
B9 73% 
88 78 

33% 25% 
19% 15 

14% 7 
351, 21% 
381* 27% 
25% 18% 
671* 37% 
8% 47, 

421, 2 F, 
35 24% 

43% 34% 
19 15*, 

99 86 

89% 71% 

S5> 72 

88% 71 
30% 26% 
29% 26% 
26% 261? 
29 25 

31% 27% 
30% 27% 
2S», 21% 
26% 177, 
28% 207, 
291, 10% 
101, 13% 
16% 15 
13% 10 
60% 35 
174% 81% 
681, 35 
29 21 

7% 4% 

177, 47, 
521. 38% 
39% 30% 
787, 587, 
64% 38% 
69 <9% 

S6i< 30% 
25% 163, 
21 13% 

32% 14 
25% 18% 
45% 237, 
123 73 
53% 42% 
66 54% 

107* B>, 
52 38% 

106% 93% 

03, 6% 

1 % 1 
136% 96% 
15% 11% 
221, 18 
24% 1B% 
20 % 20 % 
61% 661, 
20% 12% 
32% 22% 


ft Sb atsaPwT 12 Mom* ft Sb dm PnT 12Maatb ft Sb , SK* I 

Soft Die. YU. E IDDsHigb law QnotOn* ifigb taw Sttk Dm. YK. E IBOsW* law QodtCtea High law Sttk Ur. YM. E 100* Wgb low ***005*1.1 

CnvHdpf 1.30s 11. 88 117, 11% n% 15 8% Franc nl.fZn 7.9 16? 14% 14 14% +1, 44% 34% brigR pK2S 11. 2 Jfl W r l ^® . 77% 52% MtriviH 178 

itjCookU 182 % 510 9-16 -1-1853% 21 Fn*R % 2* 3 T3 6t2 30% SS% 29% -% 17% 5 Inttog 142t 25. 8 250 6% gi "!• 13? SI MnrcSlI.rS 

Cooper 1 68 2B 19 1408 58% 58% 56% +% 17% M FwEP 220 11 60 282 15», 15 15% +% 17% 11% MRFn 25 3* H 3 * 21* % «% 88% M ottk X3 

CoprTr 44 1-2 U 67 35% 35% 35% 23», 6% FMGC JOt 3 36 3331 18 17i* 17% +% 24% 20% itapSa 2.10a H » 21% »% W t. 17 10', MeraSMCh 

Coopvb.-S0 25 4 690 ISf, 15% 157, +«, 7% 4 FMOG .82* 14 5 179 8 5% 57, 47 % 36% IMwbmIJO 4.0 13 199740 39% 39% ~% y. Maf«» W 

Copwtd 306 u 93, 8% 9% +», 207, 15% F^Mc22T* 6.7 TO 874 2S% S% 2J% B% 4% inMB 1730 8% 8 6% ' 


OmTiw 


Copwtd 309 U 93, 83, 9% +», 207, ,5% FrpiMC£2l» 6.7 

Cpwld pQ.48 12 88 U21% 30% 21% +% 27% 243* FrptM pf187 7 D 

Coreln 64 4 0 20 221 U181, 16 16 +% 21% 17% FMRP n240 12 

Comqri40 23 15 920 617, 60% 61% -% S% 3% FratrfB 


ComGM40 
Cor»k M 
CTSF n .Ole 
CnlCrdsJZb 
CntrMtl 970 
Craig 


23 15 920 617, 60% 61% -% 8% 3% FruWB 417 6 73, 8 24% 171 

3 11 287 28% 027% 271, -% 24% 20% FrM p£A3 68 17. 137 21% 21% 71% 167% 11! 

1 84 7% 7% 7i* 38% 18% Fuqua a 24 .7 18 2218 3»« 32% 32% +% «n? 22' 

28 9 077 11% 11% 11% — % G G G 48% 35 

CntrMM 97e M 6 «0 12% 12% ^ _ 54% £8% GAF .10 2 20 857 48% 47% 41% -1, «% = 

Craig 26 330 17% 15% 17% +2% x GATX 1_M 27 15 204 413* 41 41 -% 59 4fil 

Crane 120 29 11 2 » 41 401, 41 +% ® 3,7 W ^4 10% 10% 10% +2 “ 50 

Crayfls 29 2798 1157, 112 114% + % 13 % ■% 152 

CrmpKIJZd 29106 6 43% 43% 43% -% 


170 « sr, 47% 36% innrBMi^o 4.0 13 wsr -u »*a Harare K 

674 26% 3% 25% 8% 4% taotu 1730 8% 8 «% -% 2? M«fi.yn 1 

113126% 28% 26% +% 45% 32 IMtk u 130 29 15 248 45 44% 45 + 1% MmoL? 2 

472 79% 19% 19% +% 22% 11% Mimed 32 118 227, 22% Z2% +% *2/ ,*«* Me^LPpHSO 

<17 8 73, 8 M% 17% MtAM 22 3.4 14 22 21% 2» 23 ... 1% 1 M0MOH»a 

T37 21% 21% 21% 187% 115% IBM 4.40 26 22 17337167 W% 168% + 1% \ * ggu mmR 54a 


24% 17% MtAM 22 3.4 14 22 21% 2» 23 ... 1% 1 MreaOf08e 4 3 1B» 

16W* 115% IBM 4.40 25 22 17337167 104% 168% + 1% ]A agu mnR .54* 21 » Jf'l 

40% 22», knew 30 13 221 »% 39% 39% +% 1 “ * Meub .10* M * £'0 

40% 35 IMHavLM 27 19 1784 45% 44% 4S% +% -JJ « Mootek 13 25 ^ 8 

413; ZS kttMln I 25 VX2 40 39% »% S% pWO.32 98 

59 45% ImU pfA3.75 6.5 34 57% S 57 -% u^n .4* M * » 2f 


17 13 1W» S3 31% » +*% 

23 6 3386 36% 35% 38% “V 

1148 15% « 1?% *% 

U «73 M w '< 


1835 1% 1% 1% 

1 40% <0% <0% 


25 HKMln 1 25 

46% MM ptAS.75 6.5 
50 MM pfB325 15 


CrmpKI-28 29' 

CrwnCk 
Cr/sBd 
Culinel 

CumEn220 25 

Cumn pr330 S 2 

Curme 1.10a 93 

CurlW 160 26 


ft . 177. 11% Mown .44 


2 3 

» 1U -% 
* 06% -% 
a% 13% -% 
7 r -% 

28 25 


Sri % if? 

-% 2s. S I V* 7> 


OPL 2( 
Dallas .68 
DamonGO 
DanaCd 38 

Donah r 
Daniel .18 
DataGn 
Qalapt 

Dalpt pMS4 
DtaOsg 24 
QavWIs 


e-i u m-* ><■* ii-| up -Mr. 

26 13 0 61% 61% 01% +% 

5 D D 3% % 

4 7 14 34 ,8% 481? 46% -% 2S>? «% 


208 12 8 2B3 2S% 25% 25% -% ) 18% 15% GaSeo pf 


Gep 3 30 3 30 *00 57% 58 

Georrfl 2K 380Ai 3% 3% 

Gekxi 320 22 22 23% 231 


<7 37 MwflG 3.04 73 10 70 36% 38% 383, 

27% 197* lowaR ml.64 7112 64 21% 21% 21% +% 


$* 2% JST ^ r-T« « g a £ ti 

as i s?-& «« Si72w%m^t+% 

IK »i « 53« 2« »*• 2 s ® ' ® 

6i, 4% 

52% 29 


48 13% 13% 13% IF* 10% Gwnfl C 

606 16 15% 16 +% 15 127, Gfitnfl 1B3a 9 2 


22 23b 23', 23b -% 39% 21% IpalCD >156 B3 11 218 23% 22% 22% -% Uohxt 36 

C 16% «% «% -% T7% 10 tpcoCp M 22 ' fi! «H «l W* 5? a MoMOt ' 
l&Z 16% 15% 16% 41 % bvS r* 224 3.0 7 94_ « 4^, <4% -% atonCB 


29 27 1472 48% 453, <6% +% 120 64% GflCw9-50 

27 41 24% 23% 23% -% 1047, W2% Genepwd 

1.7 47 10% 10% 10% 21 17 GAinv 2Sie 

2339 327* 321, 32% +% 59 30% GOnm .00 


140 6% 5 

36 22% 22% 

32 7 F, 


5% -% 57 


+ % 1 14% 7% GnOate 
1 26% 1<% GooOev 


GCM pf .66 1.4 


162 16% 16% 16% 41 b 5 

9-2 107 13% 13% 13% +% 15 ■* " 

1.4 18 373 104% 1031, 10*% + 1% 

1858 KX% 104 104% +% 307, 15 JWP 8 

13. » M% «% 19% -% 41 24% JWt 

U 14 404 49 471, 47% -1 43% 22 JWvora 


19% 16% 18% -1'ri 83% 83% GnOyo 


39 495 13% 13 

8 87 21% 21' 

1.8 725 83% dS 


47% 47% 47% -% 1 67% 51 JRvr pi 338 56 


41% bvBnfc 224 3.0 7 »« 45 •*% MofCO 

9 Italy n 1.44a 11. IDS 13% tt»* I2»» “% ^ Moorcft JM 

J J J 60 

15 JWP a 20 167 20, 28% 2B% +% 43% 33% ««£*?•* 

24% JWt 1.12 39M2 892 31% 31% *1% -% 23% »% »«9 LWa 
22 JWvora.40 1.1 19 3006 38% 33% 36% +% tl% 8 MONY .72 


I » S'l M H 

220 44 17 6532 SWi +^ 

J6 l.y 74 227 35% 32% 33% +% 

10 437 3 27, 3 

8 37 73% 72% 721? +■% 

HI 3,6 80 191 uZ2% 22 22% +% 

S i? 15 worn re% »% 

B 7914 339 36% 35% 35% +% 

5. 9.1 76 20 19% 19% -% 

5? 8.7 12 US 8% 6% 6% -% 


■-B - 13% +% 32% 20% Jamswyie A 17 123 28% 28% 28% -% 27 14% MOOrM 32 >■- ' Stv. sn: +rv 

«1i 4-14 20% 12% JtpnF440e 24. 1137 20% 20% 20% “% 29% 24% MorM pO50 SI 2T JJJs S S *k 

8^6 dg 63% -% 40% 20* JaUP 0 130 4J M 588 30% 29% 30 -% «87* 38% Motgnaire 20 10 S* ^ 


Zoorm ”.72 2.9 17 11 W 1 »% £<% 


Day InU .40 1.3 48 63 32 31% 31% +% up, 70% GenQ 252 24 18 7571 104% UK 1 , 10* +% 

DoytHd 32 2.1 12 5787 43% 42% 43% +% ] 56% 35% GenS Wi 198 52% 51% 52% +% 


DoytHd 32 2.1 12 5787 43% 42% 43% +% 55% 351, GenB wi 

DPL pi 7 48 9.6 1160078 761, 7B +3 15% 6% GnHme 

OPL pf 7 37 9.3 ZlO 79 79 79 -% 25% 10% GnHost 24 


OoanFdA* 

DocCaa37a 

D»C 

Deere 25 
DefmP 212 
DeJP wt 
DeJtaAr 1 
Deltona 


1.7 21 291 31% 31 31% -% 13% 9% 


33 22 7 6% 7 

IS 44 4001 127* 11% 12% +% 


26% 21% JerC pt 219 26 23 22% 22% 22% 97, 9% MorgGn 

201, 9% dewier S 5 38 13% 13% 13% 16% 11% MorXeg20 

94% 601, JohnSi1S8 20 22 6109 87% 85% 88% -% 82 61% MomSt SO 

36 28% JhoCnslse 43 15 246 W% 33% 33% -% 55% 41% MorKnd.48 


2-0 29 10 12% 12% 12% -% 1 74% 63% JhnC pf4S5 S.7 IS 74 74 74 +% 391, 24% MoraoS.80 


305 9% 9% M. 

15 11 15 «% ’5®* *»* 

119 01 ‘ 74», 74% 741? - % 

29 15 913 60% SOi* 50*, 

22 20 13 38 35% 35% - % 

11 11 126 19% 19% W% 


DeSoto 140 3-5 

DotEd 1.68 10. 

DoC P&32 10. 

DetE pf7.68 10. 

De*£ pt7<5 10- 

DeiE pf736 12 
DE prR324 11. 
OE ptQ 3.13 II. 
DE pfP3.12 11. 
DC pfB27S98 
OE prO340 12 
DE POI342 12 
DetE pr228 12 
Dexters. 60 25 

DIGIor 34 27 

DfaSth 20 1 2 


DeJtaAr 1 IS 10 7690 53% 517, S3 +2 7% <7, GNC .16 27 29 36 6% 57* -1, 

Dettona 33 8 6% 6% 6% 25% 1B% GPU .15e 3 7 354 237* 23% 23% 

DlxCfi 3 .72 24 21 4187 30 291, 30 +% 5Bi? 491, GenRaa 1 20 19 8907 57% 60 51 

Dens Mil 24 3.7 15 37 33% 33 33% -% 20% 10% GnRatr 16 5 17% 17% 17% 

25 28 *7 387, 38% 367* +% 5<i, 39% GnSIgnt 30 3J 2D 381 48% 47% 48% +3, 

10. 6 1282 17 16% 167, +% 16 14% G7F1 pf12S 23 2400 15 15 15 -% 


K K K 

3LSL’” ,TO1 0 12 * KD ' JO 20 17 62 15% 15 15 15% £7 

S 2 In 22% 17 KLM SB* 3S 11 2SU u22% 217, 22% +% “J 

K. ,1 88 431, K mart 1.74 2S T4 8105 81% 80% 61% +% 2. 2} 

471, 48N +3. 2SS * re m Eng148 7S“2fi 192 19 187, 19 27% 2DT 

15 15* -% *”« ^2 Kabnc.l5 974 18% 18% 18% +% T« W 

ill, 10N ®«* KanbEdL40 38. 332 8% 8% 6% -% 7% 3 

S s* -L ®®l ,! i 2939 3 2% 2% +% W% W 

141. 14Z. +«J »'• 23 KC^Pt- 2 73 11 400 27 26% 26% -% 

S«I S1G -2 52 41 KOH. pMJ5 23 ZlO <7 47 47 -1», 23% 14 

S S +1 ^ W*4 KCPL [42-20 04 27 23% 23 23% +% S% 271, 

St. +1? ZS’a 22% KCPL pare 94 IT 247, 2*7, 247, -% ^ y,; 

vn. St _v B4 48% KCSOU ISO 2-2415 125 60>< SO 50% 38% 2R 

3% ai +% 17 «•» KCS® p* t 7.1 Z300 14 « « +1 2rt JIB 

-2 25% «7, KanGEire 6.1 U 317 22% 22% 22% 77% 42 

2? ,3 8S 48% KanPLSJO BA 11 230 517* 51 51% ~% 0% 3% 

S S ' Wh KolyM a 102 16% 18% 16% vgij w 

^ 20 +% 5V * 84 ** P»ire w 1 43% 43% 43% -% 28^ 191, 

SS, ’ a 9 KMiBHnJO 16 531 18% 12% 127, -% n 41t 

2? 267, 14% KaufBd .33 1.4-11 S38 24% 24 2«% +2G 


KLM SB* 3S' 11 2SU U22% 217, 22% +% 
K mart 1.74 U14 8105 61% 60% 61% +% 


10. « 1282 17 


974 10% 18% 18% +% W Y47* 

202 8% 8% 8% -% 7% 3 MM7L 

2939 3 2% 2% +% 17% lOl* Myton • 


23 ZlO 47 ^47 -If, 23% 14 NAFCO Tb 62 16 20 16% W W, 

94 27 23% 23 23% +% S% 27% N8D • ISO 3.50 559 35 33% 34 -% 

94 17 247, 2*7, 247, -% isi y, / MB 87 11% 10% KJ% 

22416 125 60>« 30 50% gs% 2K. NCH .72 2A 17 65 34 33% 34 

7.1 Z300 14 14 14 +1 27% 20% NCNB s S4 34 10 416 243, 23% 24% +% 

6.1 U 317 22% 221, 22% 77% 42 NCR 1 IS 21 4532 75% 73% 75«? +2 

64 11 230 517, 51 51% “% 0% 3% NL Md.« IS 859 7% 7% 7% 

23 102 16% 18% 16% W? 3% NL IntR 2S3 15% U U 

34 1 43% 43% <3% -% 283? prjj , ij» 11 26% 26% 26% 

16 531 13i, 12% 127, - % 7g *1% NWA SO 14 52 2673 66% 6<% 657, +2% 

1-4 H 938 24% 24 2«% 32% 22% Neccos 32 21 8 684 25% 2*'? 2S», +% 

21 20 38 19% 191, 19% -% 35% 23% NafCO 120 25 20 328 34% 33% 34 +3, 

2821 1912 59 561. 58% +1% gi? 20% Nashua 29 1.0 13 239 29% 28% 29 

2S 14 '139 30% 29% 29% -% 13% 7% NUOnv J6 20 131 9% 9% O’, +% 

32 50 42* 31% 31% 31% +% n% 30 NmPfet220 34 2* 932 B<% 83 84% +% 

S 23 80 25% 25% 25% -% 2*7. w% NMEdn 23 425 24% 2< 34% -% 

8»13 145 38% 37% 38% +% 77* 3% W£nf 15 183 4% 4U 4% 

3 19% 191, 19% 44% 3Z% NatPQdZB 6S 11 77 363, 38% 33% -% 

32239 13% 13% 13% — % S4% 13 NIL SSI. 6 321 18% 15% 15% -% 


II. 55 28% 28 28 % 27% 22 G*Pwrpf2J0 9 2 

11. 6 271, 271, 271, +1* 26% 23% GaPwrpI247 8.8 

9 8 36 28 27% 28 +% 271, 20 QsPw pHJ4o 72 

12 15 2B% 28% 29% +% 23% «% GaPw pf 

12 37 291, 287, 29>, 3tP, 23% GaPw pf 3 ID 

10. 15 227, 22% 22% 25'? 22 GaPw pf1S8* 7.7 

25 17 158 23', 23% 237, +% 32 26 GaPw pO<4 12 

27 24 479 24% 24% 24% -% 33% Z7% GaPw pO 70 12 

12 109 18% 16% W% +% 27% 24% GtfV pr256 12 


25% 18 MuitirB 34 
187, 7% Munag> 
37% 20% MorpO 1 
27 19% MunyO.60 

27% 201, Muscldn 


17 218 7% 7i? 7% -% 

27 088 U37% 38% 37% +% 

24 27 2 25 2<% 2«, 

W 438 26% =S% 25 -% 

ftl 25 157, 15% tt% 

374 u 8% 7% 8% +% 

24 733 15% 15% 15% 

N N N 

&2 16 20 16% 18 18% 


2 S 84 46% KSou l5 

307 1% 22% +% 2% 1$ K^GEIAB 

500 21% 21% 21% -% S’® IS SSffmaS 

i a a a s% s ss* 130 

5* ^ 


DiaSO 260 IB. 272 17% 17% 17% +% 27% 2*% GaPw pBJ2 BS 

DSIiRMi.40 24 203 uIPj 16% 167, +>? 281? 25% GaPw pC.75 9S 

29 16 2 10% 10% 10% -% 5<1? 38% GerbPd 32 21 

1 2-2 23 430 55% 54% 54% -1% 28% 13% GerbSc .12 A 

22 7961 1677, 164% 1681, +1 117* 57, Gorfd n 

2 -5 28 2720 65% 83% 647, -% jji- tS Cony s .Wb 2 

1.44 21 21 102 24% 23% 233, -% 30% 181, GIANT 

190 5% 5 5% +% 13% 0% GJbrFnjae 21 

Se 30 2230 16 15% 16% -% 68% 38% GfUeta 1J6 24 

S BS 10 1539 43% 42% 427, -% 34% 16% GUete wi 

8 IS 14 22 34% 34% 34% 25 16% GJexsC 

0 21 17 354 687, 67 *77, -% 331? 20 denied .50 22 

92 1.4 25 439 64% 64% O-i t? 10% 8% GGCapn 

2 23 21 4112 87% B5% 67 +% 12 10% GGMc nS6a M 

4 1.3 26 1002 50% 48% 50% +% 3 15-16 vfGMM.12] 


DShHMi.40 
DianaCdO 
DleboUISO 
Digital 
Dbnay 32 
OB U 
Oivnfn 
Dome g.03e 
OemRs2S6 
Donald S6 
DonJay ire 
Dover 32 
DowCh 2 
Dowjns B4 
Downa)S7e 


f ^ -14% ESdre i.*n are 24% 

a* Sv osC. +1. W* W. KayJware 21 20 38 10% 
T |f% 4 ^ 42i: KaUog ISO 2821 19ttfT 


GarWM® 21 23 393 43% 0% 43 +% 34% 16% Katwd . SO 2S 14 '130 30% 29% 29% -% 13% 7% 

GerbSc .12 J 23 198 26% 26% 26% +% ^ ® U2? 1 * ’ ^*2 S* 22* S? ni * 5. 

Garfdn 207 10% 10% 10% -% 25 2*. ,*.5 !5« S 4 S* ^ I? S’ 

GaDV s 16b 7 14 60 2Zt» 221, 22% — % 481 * 333 * KyUtii 2J2 WO 145 38% 37% 38% +% 77, 3% 

SSrr i Se ^ Si 5% +4 « ib% Kim wt . s tt% W. w, . <4, » 

22 23 9 


23% 233, -% 90% 161, GIANT 6 486 24% 24% 24% +% « • 

5 5% +% 13% 9% OMPn-Zae 21 3 623 10% 10% 10% -% JSr «% KorrGS A4 22, 

15% 15% -% 687, 38% GfUeta 1 J6 24120 2961 SB S7% 57% +% 7S 


18 29% 29% 29% +% I Jf 1 * 


3 10% 191, 19% *4% 3Z 

0 13% 13% U% -% 241, 13 .... 

3 21% 21% 21% 54% 47 NB pi 

1787 037% 367, 37% +% 30% 21% NModE .00 


1.4 4 77 19% 187, ig% + % 1 57, 2i, v)GIM pf 


Dravo SO 21 32 195 16% 16>« 18% -% TO r, GIbYIdal.CS 11. 

Drasr AO 1J2S6 1336 31% 301, 30% -% 18 8% GUSNog 

DrexS 1.86 92 IB 201, 20% 20% 4 % GkJN wt 

Droytss .48 IS 16 2112 32% 31% 32 -1? 46% 30% GkJWF 20 

duPont 320 27 18 5514 11B% 117% 115 -7, 59 361, Gdrich 1S6 

duPm pfXSO 7S 2 48% 46% «S% -% 62% 54 Gdraft p OS 

duPffl pf4S0 73 52 58 57% 571? +% 70 29 GoodynSO 

DufPti n.We 21 1050 9% fit, 91, 22% 161? GordnJ S2 


39% DukaP 258 8.1 11 16Z7 44% 431, 44% 


823, 54 Gdrch p&5 

70 29 Goody rl SO 

22% 161? GordnJ S2 

15% 67, Gotetika 


Dug pf 2 11. 
Duq prK210 98 
Ouq pr 231 10. 
Duq pf 7.20 ML 


25 12 IX »% » 39% +% 

15 15 4083 36% 35i? 38% +1% 

421 14% 14% 14% -% 

6 729 5% 5 6 -% 


Chase 216 55 6 1442 371? 387, 37 -% 

Chase pSSS 8.7 17 54 S3% 64 +% 

One p!4.13e 75 173 52% 52% 52% +% 

Chous n 10 893 117, 10% 11% +1, 

Chelsea. 72 29 12 4 25% 25 25 -% 

Cnemed.60 45 9 40 373, 371, 37% +% 

Chm MM2. 72 6.4 S 627 44% 42% 42% -1 

CUNY B 3252 73, 73, 7% 

CNY ptC 2790 11% 11% 11% 

CllNY pGTSe 72 2 521, 571, 521, +1, 

ChWxt n 53 787 337, 33 33% +7* 

Chspk 9 SB 20 22 86 44% 44 44 -% 

ChovnC.40 4.1 38 8193 59% 577, 587, 

ChIMIw 11 11 144 143% 14* +1 

ChIMI pi 1 68 68 08 +1? 

ChlPacSS* .1 17 84 <8% 47% 46 -% 

ChkFull3M 45133 35 81, 8 8 

ChrbCs.471 IS 36 53 24% 24 24% -% 

Cnrtom 56 6% 6% 6% -% 

Chrys S 1 25 7 8097 40% 39% 39% -% 

Cnubb 1S8 2S 10 899 00% 587, 507, -% 

CfturctaM 35 38 3874 121, 117, 12 


ChIMIw 11 11 144 143% 14* +1 

ChIMI pi 1 08 08 08 +1? 

ChlPacSS# .1 17 84 <8% 47% 46 -% 

ChkFuTCJW 45133 35 81, 8 8 

ChrbCs.471 IS 36 53 24% 24 24% -% 

Chrism 56 6% 6% 6% -% 

Chrys S 1 25 7 8897 40% 38% 39% -% 

Cnubb 1S8 28 10 689 00% 587, 587, -% 

ChurchsM 35 38 3874 121, 117, 12 

Chyrqn .12 1.9 25 120 8% 6% 6% +% 

Citeoqfi.3* 65 11 375 34% 33% 34% +% 

ClnBel 1S2 4 611 219 43% 41% 42 -1 

CmGE 216 8.1 7 513 26% 25% 26% -% 

ClnG pi 9-30 96 zlX 98% 98% 98% -% 

CMG pf 9.52 9.7 Z70 981? 981? 981? 

CinMIl .72 23 33 1005 33% 32 32 -1% 

CirdK s 2B 21 15 964 13% 13% 13% +% 

ClrCtys SB 2 22 383 357* 35% 35% -% 

Circus s 28 501 25% 25% 25% -% 

Chlcrp 270 5.0 0 4614 54% 53% 53% -% 

CUcp pf 6e 7.9 220 78% <174% 76% -1% 

Cfsbfr .72 03121 <90 7% 7% 7% -% 

ClairSt .10 .7 43 815 14% 14 14% 

ClarkE 1260 u2B% 271, 27% 

Claj+f 9 15 1128 10% 97* 10 -% ] 

CIvCB 389 143, 14% 14% -% 

CfvCt pf 2 11. 8 177* 17% 177, 

ClwEI pf758 12 Z100 74 74 74 + 1% i 

CTvEJ pf7.19e a* 0 86 88 86 +% 

Clorox 1.76 21 15 976 66% 65% 681? +% 

Qoroxwi 8 2B1? 28% 28% + % 

ChibMd 20 .8 15 1 25% 25% 25% 

Coach m40 3.7 29 209 11% W?, HP, 

CoastSL 4 283 167, 1E% 16% -% 

CoasO 8. 40 12 12 1B23 347* 33% 34% +% 

Call pf 211 21 18 34% 34% 34% -% 

CocaCfel.12 26 16 6047 407* 40% 40% 

CocCEn.03# 2 48 2378 177, 17% 17% -% 

Col eco 864 10% 10% 10% -% 

CoJomrIZO 24 17 60 35% 35% 35% -% 

CoIgPal.38 22 16 3047 42% 41% 42 -7, 

ColgP pf4JS 7 5 2*00 57 57 57 

ColFds 12 5 67 449 22% 22 2Z% 

CofMg n.Q5e 5 281 9% 9% 9% -% 

Coft n 20 504 15% 14% 15% +% 

CotQos218 8 2 18 1098 51% 50% 51 -% 


CocCEn.03# 
Col eco 
Coiemrf 20 
ColgPol.36 


57 57 

22 2Z% 

9% 9% -% 


CofMu n 05a 5 231 9% 9% 9>, -% 

Coft n 20 » 15% 14% 15% +% 

CotOasllB 8 2 16 1096 51% 50% 51 -% 

CofGs ptS.48 ML 1 55 55 55 

CalumSSB 25 2 <99 11% 10% 11% +% 

Co ISw pf 18 107* MB, 107s -% 

CSO I a 242 20 1 27 Z7 27 +% 

CmbEfl 1 27 25 463 367, 38 36% +% 

Comma JO u 24 523 15% 15% 15% 

Comdisco 5 16 1093 327* 31% 327, +1% 

CCred n.12e 5 25 884 25 Z4% 25 

CmMO s52 1.6 16 90 X% 191? 20% +% 

Comdre 14 610 10 9% 10 +% 

CmwE 3 85 6 2362 35% 34% 351, +1, 

CwE pr 190 89 15 21% 21 21% 

CwE pr 2 24 IS 21% 21% 21% -% 

CwE pf 287 10. 3 27% 27% 273, 

ComES.72 20 9 57 34% 34 34 -% 

CmwMn la 12 35 274 6% 8% -% 

Comsaare 4.6 9 1*6 28% 28 26% 

CPsyc S8 12 22 627 39% 38% 38% -% 

Compaq 27 15082>50i? 45% <7% +2% 

Ccmpgc6D 25 41 14 21% 21% 21% 

CmpABS 43 7053 u27 24% 26% +21? 

CompSc 26 6*8 53% S3 53% -1 

CmTwaJB J 84 59 16% 157* 18% +% 

Cptvsn 78 266 16% 17% 18% 

CooAga .58 21 16 14X 28% 27i, 271? -% 

ConnE 158 65 13 15 24% 24% 24% +% 

CnnNGsIX 8.7 13 53 18% 19% 18% 

Comae .40 15 23 18 27% 271* 271, 

Consent 11 512 16% 15 16 +1 

CoraBS-96 6S 10 3489 43% 4?% 431, +% 

ConE pf 5 87 6 57% 57% 571? -1 

CnsFn SO 24 16 1781 37% 30% 37% +% 

CnsNGsl.50 35 27 547 42% 41% +% 

enroll n 10 317B 32% 31% 31% -% 

Cn Stars 22 1054 10 9% 9% -% 

ConMrs .64 21 22 324 30 28% 30 +2 

Conspw 22 2403 19% 187. 19 -% 

CAP pfA4.18 97 Z14Q 43 43 43 +% 

CnP pfB450 9 9 ,100 45% 45% 45% +% 

CnP i*D7re io. ziao 74% 74% 74% + 1 

CnP prV4.40 14. 3 32% 331- 32% 

CnP pctn.60 12 12 30% 30% 30% +% 

CnP pcT3.76 13. 14 29% »% 29% 

Dtp PIH7S8 ID. Z 125074% 73% 74% -% 

CnP prP3.se 12 X 2B% 29^ 291* -% 

CnP prNSSS 12 18 30% 30% 5S -% 

CnP prW&SOlO. 4 25% 25 » -i, 

CnP pr!223 BS “ “ 

CnP prS4.<£ 12 
CnP prK243 9.7 


38i, 273, 
18% 9% 
395* 297, 
53 293, 

33% 24% 
40% 29 
84% 52% 
94 83 

25% 15% 
31% 20% 
44 33 

197, 141, 
141, 9 
2U, 
Z73, 12% 

X 14% 
S’, 33, 

a% 13% 

19 tti? 
3 1% 

10% 8i, 
110% 701? 
123, 71, 

19 10% 

431, 30% 
38 27% 

C% 5% 
71, 5% 

22% li, 
29i, 15% 
22% M% 
»> 377, 
24% 13% 

so re 

93% 721? 
18% 10% 
11% 5% 
9 4% 

7 3% 

21 12% 
24% 143, 

20 187, 
281? 19% 

3. 3 


42% 29 
35 20% 

20 % 10 % 
32>« 16 
20% 15% 

92 57% 

38 20% 

37% 15% 
38 28% 

13% 87, 
21 % 87 , 
147* 9% 
39% 34% 
11% 5 
28% 15% 
171, 11% 
173, MM* 
28% 13 

11 % 8 % 
10 47* 

25% 24% 
51% 29 
71% 51 
80% 40% 
46% 36% 
48% 29% 
47% 221, 
521? 45% 
25% 17% 
24% 17 
52 38 

M 32% 
43 247, 

20% 13% 

57, 

393, 25 


Dynlet .31 1.7 N 

DynAm 20 3 

E E 

EGG 58 1.7 21 

ERC S 

E SysJ 50 15 If 

EaglePI.12 23 1: 
EaatQFire 45 3! 
KOMJB230 75 11 
EKodk 252 21 3f 

Eaton 2 25 11 
Eehlta 56 20 1! 

EcoiabaSB 20 17 
EdbBr 150 45 11 

EDO 23 18 If 

EdCmp .18 15 21 

Edwerd.68 22 li 
Boor .44 1.7 U 
Eldon 20 12 IS 

BecAs 21 

EiefsptreB 5 3S 
Elgin 
Etodnt 

Emrid MX 12 


Duke pffi.70 27 zfiOO 99% 89 98% +% 28% 14% Gould 574 17% TT 

Duka pi 828 91 z 150032 d91 91 -3% 69 45% Grac* 280 *2 899 66% 66 

OukeRttSe 11. 53 7% 7% 7% +% 35 20% Grace SO 19 14 366 3Z% 81! 

DukeflCi <9 1% 1% 1% 52% 371, GralngrSO 15 19 1« 52% Sf 

DunBrd 3 24 27 653 124% 121% 123% +% 23 16% GtAR > 50 24 4 118 177* 171 

DuqLt IX 99 7 461 12% 12 12% 36 20 GtAlPc AO 1.1 18 388 35% 3* 

Duq pf 2 11. z750 19 18% 16% 283, 20 GNirn 272# 19 9 X 27 X 

8 217, 217, 217, 96% 44% GMMc 1.72 21 X 2232 64 82 

zl 110227, 221, 227, +% 56% 37% GrWRnlSO 35 8 3191 X <9 

z300 70 TO 70 +1 307, 23% GMP IX 75 10 24 25% 24' 

148 16% 18 18 -% 38 187, GronT s2Sa 9 13 434 30 X 


GJaasC 58 31 19% 19 19% -% ®1 J® I- 1 ' 

Gtanfed.60 22 5 214 Z7% 27 !P| -!| ^ „ 

GGCapn 157 9% 8% 6% -% Mrim X 

GGMc n56a 5.1 144 11% W, 11 ^1* S2"_2f 

vlGnjM.12) 925 2% 2% 2% 

wfGIM pf 158 6% 6% 6% S? S ESSEZ' 1 

GJbYMal.08 It 1267 9% 9% 9% ^S% 

GUSNog 3 895 10% iS, 10% -% 

GWN wt 190 % 11-18 11-16- 1-16 Sit S’* K"9»»« 

GkfWF X 5 6 1929 37% 37% 37% — % 17 ■ Knogo 

Gdrich IX 3S 68 734 52% 52 52% +% 2S® 1S?L 

Gdrah pSX &3 54 557* 551? X% «% X 

Goody rl SO 24 12 27X 57 53% 67 +1% +?% ® *?*** f* 

GordnJ 52 29 42 16 177, 177, -% »% Kona <44 • 

Go Ediks 25 20 14% 14 14% <7% K™"1S 

Gouid 574 17% 17% 17% |7% 24J, KrogysttB 

Grac# 280 42 a99 86%56 8e%+%2K»® 


27% 26% 27 +% 


2'* NMlneS 
31 WPrOStl.U 
8% WS#mt 
45 MSarnpt 4 
20% NtS«tns54 
10% NStand re 


31 21 Koycp 1.12 4.1 9 48 27% 26% 27 +% 7% 2% NMlneS 

16% 3% KeysCo 56 15% 15 15 -% «% 31 NfPraaH.U 35 

21% 11% Keylm X 27 41 470 18% 18% 19 +% 16% 8% MSomt 

37i, 28% tOdde IX 25 X 738 34 33% 33% +% 531, 43 MSempf 4 73 

1181,77% KbnbCere 27 18 892 MM% 106% 1073,+ 1 28% 20% Nt&*tna54 27 

59% 38% KrabC wi 2 54% 5<% 84% +% 15 «p, NStand vtO 22 

2S% 12% KngWtk 345 24% 24 2*% -% 31% XT* NfWst n.74# £4 

11% 9% KBAushJBa 29 41 W, TO 10 -% io% 4% Uawtstr 

577, 43% KngfUfidr 19 21 920 52% 51% 51% -% «% 2% Now wtA 

29% 17 Knogo 18 S22 X 21% 227, +1% 4% 1 Nav wtB 

34 287, Kogar 2X 89 52 138 29% 29% 29% +% 4% 1% Nw «C 

191, 12% Kolmar 22 19 254 17% 17 17% +% 32% 15 Now J*0 

41% 22 Kopora X 22 18 2417 377, 37 37 -% 57% 48% Mr pIG 8 11. 

72% 28% Korea re# IS 188 65% 64% 65% +% 211; 9% Norco 94 32 

65% 47% Krafl IX 35 18 3816 54% 51% 54 +1% 25% 17 Vi NevPws1.44 7.7 


Nav wtA 
Ha* wffl 
Nov one 


22 Kopora X 
28% Korea re# 
47% Krafl 198 


42 899 86% 65 88% +% "5i » 

19 U 366 32% 81% 31% -% 2.® H. £ |W,B ~ 

15 19 T« 52% 51% 51% -% *1® S Kjrot*r.470 

24 4 116 17% 17% 17% “% '*’* K 7* of s 

1.1 19 866 85% 34% 34% -% 


371, 24% KiegarstOS 32 57 894 33% 32% 33 -% 22 


17 17% +% 32% 15 Naw pfD 118 2/0 

37 37 -% srh 497, Nav pfG 6 11. 51 54' 

64% 65% +% 21% 9% Norco 94 32 10 231 X 

51% 54 +1% 25% 171, NavPwsire 7.7 II 13 5 

32% 33 -% 22 17% NmrP p050 89 ZM 18 


510. 7 50 49% 49% 

24 25 4499 25% 247* 25% -% 

16 4% 4% 41, 

35 14 X 33 32% X>? -U 

16856143, 14% 14% -% 

79 25 55% 55 56 -1 

17 16 346 237* 3 23% +% 

32 21 12% 12% 17% 

£4 104 31% 31% 31% -% 

1SMV* 7% 7% -% 

230 5% <7* 4% -% 

1170 3 2% 2% -% 

104 3% 3% 3% -% 

116 247, 24% 24% -% 

11. 51 64% 54 54 -% 

39 10 231 X 19% 197* + % 

7.7 11 IX 19% 16% 16% 

89 ZX 18 16 W +% 


U8S 91% 95 +4%} 35% 26% NEnflEl 2 7.0 9 758 X% 28% 28% +% 


29508 86 15% 15% 15% -% 72 13% NJRscal.W 69 14 38 19% 19% 19% -% 

940 17 X 5*% » +% 18% 12% NPinRt 54 59 X X 16% 16% 161, 

2912 103 36% 35% 357, -% 3*% 25% NVSEG284 ML 1275 26% X 2fl<« +% 

ILL 267, 23% NYS pfAT98a79 M) 2* 2A 2* +% 

1 »* 167 37% 361* 36% -1 » 22 NYS pf 212 95 W 2», 22% 22% -% 

' 1ft 10 90 20% 19% 20 38% 24 Nawafl X 24 IS 437 34% 34% 34% -% 

12 778 9% 8% V* -% «% &”• N*baBa90s 24 16 <8 33% 33 33 -% 

155733% S S +% W* ■% HawWiaiOa 88.2 49 9% 9% 9% +% 


34 4 116 177* 

1.1 10 388 35% 


8 217, 
Zl 110227, 
Z300 70 


217, 217, 217, 


1.7 14 148 1B% 18 18 -% 1 38 


28 23% 23% 23% +% 1 33% 27% Greytl 192 35 8 1034 38% 37% 38 


X 1.7 21 358 3«% 32% 33% — % 


Greytl pM.75 32 


26% 287* -% 331, 14% LAC n 30 54 187 37% 381? 38% -1 

82% 83% -% 31% 17 LN Ktf98# MX 10 80 201, 197, x 

re 40% 11% 7% LLE f%OAa 12 771 0% 87, 87* 

^2 7% 1% rrfl.1V 135733% S% 5% +% 

29% 29% 19 2% wJLTVA 49 2 10% 10% 10% 

37% 38 <3% 10% rrJLTV pf 5 28% X X 


US 


82 z3Q0 SB SB% »% -1% 14% 27, vfl.1V ptB 

13 1874 12% 12% 121, +% 43% V\ LTV pfC 

25 22 78 121, 12 12 n% i£ LTV pfD 

“ V? £? !. 2® + > W * w® UJuW 

W a 2a 137 » ^ ««"" a 

29 n 307 25% 25% 25% 40%32% LocJGs 2MJ 


2 10% 10% -% 3S7, 8% NiomtaUHa 2 82 723 32% 31% 31% +% 

I s a a 1047, 42% NwunMlb . 1.0 38 2096 Ul05%1tC% 1037, + 2% 

reo 8%* 8% S -% 35% m! NawaUOSl .1 142 29% »% *9% +% 

«4 27% W OT. +% W. ****** 0.8 15»17 16% 15% -% 


134 27% TT' »% +% W • 1£t NWMPZSB 
564 7 6% Va +% 30% N MM pOre ML 

32 40 13% W, W, ' . ft 

12 81 17 16% 17 +% 

6^11 V S3% 33% 33% -% =3 Sir? M 


331, 33% +% 


HOD 43% 43% 43% +% 

Si +1, « 

1 22% d22% 22% — 7, 


EmrsEQX 27 
EHab a 
EmryA 

Em Marti . <0 24 

EmpOs 2 65 

Emp pf .47 79 
Emp pf X 7.7 


21 43 4% 4% 4% -% 27% 22% KRE U 

5 X 411 26% 26% 261? +1, 291, 11% HaBFB 11 

12 14 137, U7, 38% 17% Hatacn 1 

83 17, p, I?* +% 25% 18% Hmfwodl-12 

12 X O'* 9 9 19% 15% HanFfan 


27 18 SOI 105% 1031, 105 +% 18 15 HmnJS 1.47a 26 

10 617 8% 77, 8 +% 25% 16% HanJ) 194# 85 

X 537 14% 14% 14% +% 36% 23 HandMiX 22 

24 991 41% 41% 41% X 18% HandH X 25 

65 11 22 30% 30% 30% 25 15% Hanna AO 15 

79 zB40 6 57* 6 +% 30% 23% Harm pO. 13 72 

7.7 7030 6V 6^ 8% +% <9% 30% Hanfrd 56 1.1 


12 z270 101% 99>, 101% +% 

12 ZM0 757, 757, 757,' -3% 

19. WI 017% 17 17 -% 

211 57, »% 8% _% 

W 486 20% 19% 19% -% 

8.5 7 507 26% 27% 27% -% 

J 346 17% 16% 17 +% 

W 1152 159, 15% 16% -% 

39 11 1982 32% 31% 3H, +% 

19 412 X% X 29i, +% 

42 11 1S2 33% 327, 33 +% 

.7 6 258 14% 14% 14% -1, 

24 18 145 41% 41% <17* +% 


11 » tS 13% «% -% 17% 14i; Ltfuim288a ML 180 W, 16% 18% +% »!* *£*1 « £ JU® ♦% 

173 * Heo+n i <nci in! ra! _ 35% 14 Lannar 24 9 18 5X 32% 29% 31% — % 3®% ,s e ICurOIJ&a 8.1 Ml 8 23% 23% 23% 

iS HafwodT.12 49 14 33 23% 23%X%-% «*, Leaffyn 11 38 12 117, 117, -% X% 17% No^l.78 79 8 24% 23% 23% -% 

18% HanFbn 11 181, 18% 18% -% 2°% 11 LeudWa 4 22 17 17 17 «% ™ 1'% 11]4 11% +% 

15 HmnJS 197s 28 80 15% 15% 15% — % 1®% ®% LtoAS nS5e 9 977 T* 9 9% 44 J®*® P* 7 -® 73 *£2 * J 1 

in. u,.n im, --XT* 453, 35% UMyCpJ2 19 11 8 38% 38% 38% re^0 291 7 NoSWalX. SS 11 513 331* 31% 327* — % 

23* HomflmX 22 15 121 ^ »% 2S% -% W LBIy % 2 22 21 4837 8B% 86% 89% +1% j® S'S 85 ^o reu 481 mu ^11 

«m 1 |-ni4f f pn n c nn 77 ojn, ofj m 4 la 41^i tfitj LIHv Hit 969 3S1i 34% 35^4 +11t HBPw pM.1v Z150 4 q1j 48^ 48^ 

S h£? re “a re a% & & -% ** uStdTx 9 35 521342% ns* w, » 2 

231? Harm pS-13 72 4 29% 29% 29% +% TJU 12% UgMlX 3.1 18 13% tt% 1^ -% ^S ®% 18 I 755 25? S* 5, -5 » 


Enartje*.08 59 12 7 21% 21% 21% -% 1 14% 10 Harms 16 1071 137, 13% 137, -% fJ'rt unon 

EnglC# 16 523 26% X% 26% -i,|3S% 261* HaiflJ s AO 13 24 2940 32 31 31% -%l®% 71% H 80 ? 


72 4 29% 29% 29% +% ‘‘ , 4 12% UCNCMai 

1.1 21 106 40 47% 46% +1% SB 

16 W71 137, 13% 137, -% Z7»0 UrtcPI 22Ba 


EnlsB a 16 62 X ' 191, 19% +% 30% 21% Harind,A2 

Enron 248 59 339 48% 47% 48 -% 19* 13 Hsmfsh 

Ensrch 30 22100 2B52 u25 241, 247, +% *1% 27% Harris X 

Ensdi pr275a 7.7 z200 48% 48% 48% -7, 33% X Horace I 

Ensch pi 7a 81 X 86% 86% 86% -l, 32% 0 

EnsExplX 75 38 197 1S>, 161, 16% -% 21% 18 

Enorco 203 9% 9% 9% — % 35% 27 

Enters 699 67, 8% 8% +% 20% 18 

EnlaxE X 12 115 4% 4% 4% +% 31% X 

EntaxlnSSf 22 1256 15% 19* 16% + % 15% 3% 

EnvSy* 883 18% 16 15 -% 26% 61, 

EnvSy pfl.75 99 1305 167, d18 167, +% 307, 2Z 

EquUax.6B 39 18 84 21% 21% 21% -% 39', 25 

Equfmk 73 204 4% 4% 4% 50% 38 

Eqmk pf231 97 11 24 23% 23% +% 33', 22 

Eqtfll n 1 11. 52 9% 9% 9% — % 32% Iff 

EqtRs SIX 28 X 388 43i« 42% 43% +1% Efti, 45 

Equftac .16 21 8 201 7% 7% 7% 34 19 

EfbmrtlX IS 18 508 SBi, 27% 273, -% 30 21 

EssBtM .72 1.7 18 282 417, 41% 41% +% 5% 2% 


81 X 86% 86% 88% -% 32% 237* Hrtmx s 1 35 21 SOI 29% 28% 283, -% M% X% UmftisrU 35 X IS? S® S 4 S 4 7> 1 Mmm 390 S3 11 2022 B43. mil 

73 SB 197 18), 16% 16% -% 21% 18% HsttSe190a 84 13 4 19% 101* 101, +% 22 LomME2S5a 99 10 174 237, X% XT, +% 73% 69% Nyrm 3SO 59 11 2028 94% 03% 54% -% 

203 9% 9% 0% -% 35% 27% HowO IX 81 11 98 29% 29% 29% -% S 2 LnmM W B 2^i £% 2% +% O O O 


17 23 810 251, 23% 25 +1 «% « UdMISO 

X 1321 17% 17% 17% -% 83% an, leettta 1 

21 X 3*01 U*£, 41% 41% +% !■***» .. 

81 18 24 33% 3Z% 32% -% 377, 21% LogfconX 


45 7 620 49 46% 46% -% 33 «% NorTt wl 2 19% 19% 19% 

88 5 X 25% 257, 97, 3 Nftgatg 773 9% 9% 9% +% 

93 2254 u97% 951* 95% -% S®! 36% Nortrp IX 27 48 1240 <4 43), 437, -% 

39 7 1842 46% 45% 48 -% 18% 13«, NwStW.Wo 5 X 222 U19% 19% 101, +1, 

15 n 64 X% 62% S% » 35 Norton 2 49 142 6fl%* 457, 48 -% 

1.6 10 3507 62% 61% 62% -% 33% «■*, MS S S. 38% 38% +% 


19 19 84 
1.6 10 39 


LogieenX 19 16 698 X% X 28% +1%| ^% 


2 4.3 142 461, <57, 46 -% 

X 4.7 10 331 X 381, 30% +% 

91a 1.1 13 420 38% 377, 35 _t. 


699 87, 8% 8% +% 20% 18 HRRhbn 

18 115 4% 4% 4% +% 31% X H«hCP238a 

22 1256 16% iy, 16% + % 15% 3% vfHecfca 

683 15% 16 15 -% 26% Bi, HeclaM 

93 1305 167, d18 167, +% 307, 227, HaIMm X 

82 18 84 21% 21% 21% -% 391, 25% Hallia 32 

73 20* 4% 4% 4% 50% 30% Heinz 1.12 

9J 11 24 23% 23% +1, 38i, 22% HahwCXe 

11. 52 9% 2% 9% -% 32i« 1«7, HalmP .40 

28 X 388 43i« 42% 43% +1% E0l, 457, HorcuM.78 

21 8 201 7% 7% 7% 34 19 HeritC 54a 

19 18 SOB XI, 27% 273, -1, 30 21 Hrofty a 54 

1.7 18 282 417, 41% 41% +% 5% 2% Heaattn 


EsmChsX 1924 IX 821, 31% 31% -% |l3% 6% 


363 41 16% 18% 181, -% 1 62% 35% hewiPk 22 


201, IB HRRhbn 148 18% 18% 18% -% 20% Uraaaare 

31% X HlthCP238a 89 15 IX 27% 26% 26% -% £J% LnSlar IX 

15% 3% vfHecka 284 37, 3% 3% «% »% JfCo 

26% 61, HeclaM 821 227, 22% 221, -% re 37% JJL |*B 

307* 227, Hal Mm X 2.1 16 IX 29% 25% 29% -% «% »% UL P& 

30», 25% HelUg 32 1.1 72 1099 28% X 28% +2% «% « L«- pU 

50% 351* Hainx 1.12 29 19 3094 45% 43% 45% +% J* «•% U- P« 

381, 22% HataaCXa 9 12 4 33% 33% 33% +% W% 22 19. pK 

32i, t 6% HalmP .40 19 51 7240 317, 31 31% -% 31% 22% LB. plW 

651, 497, HorcuM.78 29 15 873 82% 81% 61% -% «% •£% L8 pjf 

34 19 HeritC 94a .1 2114 33% »% 331, +% 5% 2S?t UL J*U 

30 21 Hrshy • 54 21 17 0S3 25% 2S% 2S% -% X 1 , 21% JS. pJJT 

5% 2% Heaatbn 700 37, 37, 37, -% » 2% «■ pJP 

13% S% Hash) pi SO 127, 12% 127, 23% W !* _P*> 


2!; 2° S? E 4 ^ % ophm zr 4535 1% 

82 5 170 38% X% 38% +% ia 11 Oakwds.08 9 12 X 14 

4 739 10% 87, W 36% 22% OccfPatSO 70 62 5861 36 

* 10 2 H it t?. W% S®# ° cs5P Pre» 12 X 541, 

Z1W41% 41% 41% +1% 125 115 Ocri pf 14 12 2230 121 

ZlO u7S 73 73 +1 231- ig% ODE CO 

zto 74 74 74 +1 7!% ^ Ogden 2 

51 2- *p» 1!® »% « OtitoEiflX 

« S' S? 15 48 ° bEti p^ 40 

17 29% 2^8 28% +% HI 40 OhEd pN.4* 


resa 1% 1% 1% 

90 K 13% 14 +% 

5861 36 39% 35% -% 

X 54% 54 54% 

z220 121% 120 IX -2 


18 OhloEdlX 21 
40% OhEd pM.40 02 
40 OhEd pM.44 18 


Ethyl a SO 1.4 19 2604 X 28% 287* +% 531, 35 


H e xce l .60 

eJecatariSEa 18 10 18% 16% 18% 24% 16% HESharsre 29 16 38 22 

Exxon 160 4.0 12 1171580% 89% 90% +% 157* 11% HlVott X 1.4 22 371 14 

c c c ' 31% U HJtabda 20 358 25 

_*V * j: M ^ M , 91% 82% Hllmn IX 21 X 235 8T 

roiC n .03a .1 » 57 23% X% 51% ®i, Hlmrt n 1637 48 

™ C raw* S, S* ^ " 4 74 re% Wachi.45a J 1335 67 

I - ? IS H 81 W* 30% 301, -1* 191< 11S| Holldy a 4 6876 u2f 

FsbOr X ^ 11% 11", 11% +', 129% 981* HollyS 1 15 21 81 W 

Facet ZB Sr 21 20% 20% 31% 157* HomeO 34 1987 31 

W 385? 24% S5Sx .7 6 300 291 

PO ' SO %A f® 1 * »% . 297* 17 HmeGp05a 3 5 <72 Iff 

Fairfo 105 s* 5% 5% -% 41 x% Hpb8» X 9 74 1800 ST. 

FamOtrX 1515 308 15% 16% 15% +% 13% TS? Ea 292 TOP. 

f-2. » 2> W, 14J * “ra 12% 8% SrfBSre 19 2 « 8% 


1Z 5L 30% 3, +% ,07, 31 OhEd pf794 12 

SI* S ?£7 t] 83% 88% OhEd pf7J0 10. 

If &a a +1 27 21% OhEd pC206a 21 

IL ??* 2T% 22 +1, 91% 74% OhEd pax 11. 

25? ??* “ S* . 327, 29% OhEd pQX 11. 


FMC 1i 

FPL 0tH2 79 1 

FabCtr X 24 3 

Facet 2 

FofrchdX IS 

Folrc pO.60 S.4 

Fat rid 

FamOtrX 15 li 

Fonstsl .60 45 

FrWri are 39 4 

Farah 11 

FayOrgX 24 2 

Fedors 94 21 1; 


5% 2% Hesstan TOO 37, 37, 37, -% » W% «■ S, * 1 t 27 «% OhEd p(296e 21 24 25% 29 25% +% 

13', 6% Hasin pi SO 127* 12% 127, 23% W UL ptQ JL ® + ’ 4 »»% 741, OhEd pfflX 11. Z 420 77% 77 77% 

62% 35% hawtPft 22 3 31 8615 u6S% 607, 63% +1% »}• ' 78 on?'5«2£2?‘S,K? , 327, 29% OhEd pOX 11. 22 31% 30 30% +% 

53i, 35 Hwcel X 19 24 35 47% 471, <7% hSJSL 15 1“ ?? It 1?* 1?* “?* ^ 321, OhEd p t39E 12 17 33 32% TO, + % 

341, 16% HESharsre 29 18 38 22 21% 22 +% « «% f***®-® 4 ^ • IL S 4 2. "I? 22,4 18 ^ 25“ P* 1 -® “ 7 2’% 21% 21% +% 

15»* 11% HlVett X 1.4 22 371 14 13% 14 2, VSE - JL H ,, SL 2K® ' SJ* M»% 87% OhE ptlO.48 W. *70 MW? TOO 1 ? lOCrij + l 

31% u HJMbd s 20 358 » 24% 24% »% LaPmc Mb 1 29 M 2306 31% 30% ~H 1067, « OhE pH 276 11. z12Q 101 100 101 -% 

91% 62% Hllmn IX 2121 235 87% 86 87 +% *% “% 2* ?, 2^® 22% “% 22% «% OhMslr.40 19 30 144 207* jo% Zfi, -2 

51% 301? Hlmrt n 1637 45 <?% <?%+%“ ^» lh J. ? 5 S + > ■ 78% Ohp pf 894 99 zlOO 84 84 84 

74 48% Ktadi).45a J 133587 «%07+% 44 %®% 7 J W _«%«,-%• ai% 23% OhP p!G297 94 4 24% 237, 24% +1- 

191, 11% Holktya 4 6876 uX 18% X +1% 4 ’% I* ^ “% '«% 105 OhP pf A 14 13. z220 TOBV 10fn? 106% + 11 


1370 u23% 227, 23% +% 

29 11 1702 u72 TO 70% +1% 

8-1 8 3279 22% 21% 21% -% 

99 2310 44% 43 441, +% 

12 *100 44% 44% 44% +1% 

10. 2800 73 72 72 

ML zMU 72% 72% 72% -1 

8.1 24 26% 23 25% +% 

11. Z4X 77% 77 77% 

11. 22 31% 30 30% +% 

12 17 33 32% 32% +% 

89 1 217, 21% 31% + yj 

10. *70 100% TOO 1 ? 100% + 1 


1637 45 47% 4T 

1335 67 66% 67 

6976 uX 16% X 


,, II, S 3 '* S 12? + ! 4 ® 79% OOP pf 894 99 ZlOO 84 84 84 

I'llo «« SL -25 X* “1* 87% 23% OriP pfG227 94 4 24% 237, 34% +i 

six » X 1 ££ 33! =% JS 1 * ^ 2S ii ’»%-»-i% 


317, 1ST, HomeO 
38% 24% HmF&OX 
297, 17 Hrm»GpQ5a 


52 52 “% 41 20% H radar X 5 74 1600 37% 381, 36% -1 MUM 

15 308 IS, 16% 1H, +% 13% 7% HmstFsX 29 2 TO B 7 , C? 8% MMM 

4 S° 2> Si "S ^ ^ W fth 8% ^ -% *• 1L 6 ® *%*»** If® -% 

4 84 127* 12% 121? — % loss- a? 7 , Honda 93a .7 20 1350 KP, 92»« BSi. +2 17% W* MAtBF 13 1 18 18 18 

» w* S? 1 “S ■*% 381, HonweR 2 25 2564 79% X% -% “T" M 1m9 S j£? ^ ml. 

X 72 8% 8% 8% -% 58% 49% HrznBrtX 24 15 78 5T», ST% 67% +% 21*4 ^ 23 ?? J?® S JT® 

,7 ®a 2 ® a ** a « * 5 .+*• s.. s? ks? sss ^ 22 i! 


FayOrgX 24 29 72 8% 8% 8% -% 53% 48% HranBrtX 

Feders 94 21 17 232 V t 7% 7% -% 6% 4% Horizon 

Feder pfl.75 89 127 X% S 25% +% 8 7% HrzHR n 

FartCosl.18 29 11 1179 45% 43% 44% -1', 43% X MCA 

Fed&o 3875 63% 82% 83% +1 25', 197, HotUn a 

FdHm pf4a 7 3 20 51 61 SI 38% 23% HougMs-GB 

FdMog 1.80 39123 133 41% 41% 41% +% 21% 131, HouFa&re 

FedNM 32 9 14 4S01 37% 36% 371* -% 60% 38% HouafnflX 

FedtPB .70 19 14 1803 38% 371, 37% IX 82 Hotnt pf89 

FPap pO.07 89 41 45% 46% 45% +% 39% 29% HotfmSX 

FedfiB 31.08 <6 19 42 X% 231, 23% -% 9 4 KouOFL43a 

FrtSgnl X 39 18 114 22% 22% 22% 131, 77, HowfCp 32 


MMM 

1.7 IT 4SB 14% 137, 14% -% 


87, MCorp X 6Z3 10% W 10% +% 

33% MC or pfSX ML 10 34 34 34 +1, 


15 & 

40 27 

L'i 


Ffdcst a X 19 13 322 38 

Flunk re 11 15 23 141 

FlnCpA 6 1064 8% 

FtnC pMX# 15. SO 2B 

FnSBor.M) 9 3 61 111 


< Xi, s 25 -% 

X 23% X 23% -% 

4 307, 305, 30% 

MS 24% X 
1891 x% re 30% +1, 


CnP prtC.43 0.7 16 25 24% X 

Cortot 2 69 ID 1691 30% 30 30% +% 

CnOCp 260 5.1 7 0766 43% 42% 42% -1% 

Comm 0*a .8 14 18715 4% 4% -% 

CrtUl pa.TSo 8.3 15 *5% 45% -% 

COlHId 331 5- IB OX 5-18 +1-3: 

CnUnf s 11 XI 11% 11% Hi 

OOala 2*45 33% to, X% +% i 

ConvHId 89 7% 71? 7% +% 


re 14% 
8% 4% 

45% X 
9% 01? 

6S'i 50% 
127, S% 

111, 87, 

28% 19% 
37% 271, 
46% XI? 
33 22% 

99% 54% 
33', 181, 
18% 10% 
30% XI, 
32 20% 

457, 31 
157, 141, 

30% 19% 
40% 10% 

S6% 38% 
47 34% 

44% X 
7% 4% 

X 22 
19% 11% 


100% 40% 
18% 13% 

60% 42% 
16% 10% 
31% TO? 


31% 

FlreM -40 

1.1 9 

9243 38 

21% 

FI ream 1 

27 33 

828 38 

23 

FrSHS six 

47 9 

6030 32 

41 

FBostn 1 

21 9 

219 48 

9% 

FBoolFn 


148 9% 

UP, 

FCopHd 

13 

4076 14% 

25% 

FstCMVX 

SO 6 

369* 30 

48 

FCh apOXe6.7 

1 517, 

3 

FTBTbx 


312 37* 

«% 

FBT* ptS63a 

IS 

23 20% 


SI 15 X 14% 14% 14% +% 38% 20% HuritMf A4 

6 1064 6% 57, 6 -1, 54% 32 HutCF X 

15. 50 28 27% X 33 21% Hydralaire 

9 3 61 11% 11 11% +% 

1.1 9 9243 38 35% 357, +% 

27 33 628 38 37% 37% 35% 21% EC ink .66 


21% 13% HouFab.48 SI 17 81 15% 15% 15% « JE "" » l" __ 

60% 38% HouafnflX S6 9 907 52 50% 31 -%!“?* f® KSS.rS' 388 ^ 

IX 82 Hotnt prtJS S4 6 108% 108 IX -% If* $ 

39% 29% Ho*nd2X SB 8 30X33% 32% 33% +% I®* ff* 1 

FedREtsl.08 <6 19 42 23% 231, 23% -% 9 4 KouOFL43a 21 26 4% 4% 50% 39% Mac&iJI .72 

FrtSgnl 90 SS » 114 22% 22% 22% 131, 77, HowfCp JZ 27 18 IV, IM, 11% -% ’»* « 

FadDSsire 39 14 1713 45 43% 44% -% 22% 10% Huffy re 19 18 829 217, 21% 21% +% JH* 

Ferro 132 26 13 1378 51% 50% 50% -1 28% 20% HugbSp.40 1-5 12 95 25r, 2S% 2S% +lj 12% T% ManhW 

Ffdcst a X 19 13 322 38 37% 37% -% 29% 19% Homan X 3.4 88 3070 X, 2S>? 23% -% I?* MamCr.13 


8% Omncro 

9% OnUna 

97* Oneida .40 22 

28% OfSOtex 79 

5. . OrngCo 

27 OrsnRie.18 SB 

1% Orient 

22 OrionC M 39 

51 PHpD pf 

17% PhUaEI220 ML 

94 PfrE pfASX Ml. 


257. 9% 9% 9% +% 

67 11% 11 11% 

WI 3 SS% 2% -% 


87% 81 PWE ptE 7 92 

97% 77 PhE pfGa75 11. 

137, 11% PW£ pfRKI 11. 

13% 11 PflE pfP1J3 11. 


MX TO ^ 50% 507. +% ^ 


861 12% 12 12 ?? 

1A 21 147, 14% 14% 

131 14 77, 7% 77* +% « 

.7 19 699 19% 19 U% -% g 


12», 10% PhE pfOIX 11. 

134 110 PhE PM1S251S 

86 89 PnE pfJ7.B0 IS 

65 88 PhE PH7.75 10. 


313 63, 8% 8% 

Z7 IX 26% 26% 26% +% 

22 913 1B% M 177, +1% 

79 17 278 34 33% 3* +V 

« 93, 9% 9% 

8911 50 31% 31% 3i% _i. 

3 3% 3% 31, 

S3 581 X% 22 22 7 * +u 

519 11561; 58 56% +1 

ML 8 30140217* 21% 2l£ -% 

Ml. zl fO 37% 37 37% +1? 

92 Z50 75% TS% 75% 

11. z20 52% 821? 52% -I 

11. 17 13% 12% 12% +% 

11. « 12% 12 12 -% 

IS *400 77 77 77 -2 

«. 27 11% 11% n% -% 

in zira 114% 113 113 

is Z430 771? 76% 76% +% 

10. *1X74 73% 74 +% 


“%»;+>, III 3% 1% vfMarrvt 1 4415 A 3 3% +% « w. SS™ i i, „ £ +? 

37% 37% 3Si? 21% 1C Ink .86 2.7 1563 33% 32% 3Z7, -% “% «% gMjjM 12 2^ *5* , inj 8% PwSrt ^ Salt iSJ^ 4 ?S S’* “i 

31% 32 +% 15% 13% ICM ires 99 27 114 147, 14% 147, +!, 66 % 427, MAPCD 1 19 17 234 82 81% 81% -% jmjJ rtlTSa 71 I* 4 * - % 

47% 48 34 10% fCH 1144 12% 12% 12% -% 3% % Marcde 113 439 8% 3* M, ilu HEL'^a 7 * « S ?S S JZ? T> 

9% W, 27% 22% IE bKl 19889 10 91 ai% ^ 64 +% « ^ « 7 ??? f?4 sSStn tL 


^® 2f® EES' -S? 14,1 «»3 23S, 23% X% -7, 
in® f 4 g*W « 39 44 1X4316% 15% ia” -% 


FBT* pOJ5a 2S 60 17% 

FECtty 8 X 8% 

FFB IX 39 10 1679 427, 
FFIrrFd .W 20 148 8% 

FMrta2fl8 49 8 841 56% 

FMIss 24 19 21 1838 ul3$ 

Faffs 


312 37, 3% 3% 

28 20% 2D% 206 

60 17% 17% 17» 


iPTbn n272a 
«T a 198a 


9 68 2105 36 


*"« “ In 


IX 9% Bi, 9% + 


”2 ?£< ? 7 


51, Phfcrpn 
3», PtOdAv 32 
49% PtadApf 


Fsffa 28 241 107* 103, 10% 5% 1%~ 

FUnfllsIX 5.4 16 71 X% 27% 2B +% 32 23% 

RVaBk 1 3.4 10 IX 29% 2D% 291, -% 25% 20 

FIWacMX 29 11 274 41% 41% 41% -% 49% 41 


29% 297* +% X% x IPTbn 02 72a W. 12 IX 26% 2S7 t 26% +% “% ' «% MarionaX 9 68 2105 X 35% 36 +% 71 ^ bJSa"^ « Su » 2?® 

% 517, -% 20% 15% «T a 199a 7.4 15 29 17% iTlJ O', *!® M*2- n ». _ 173 9% 91, 9% +% JL ^ « S 4 SL S, 

, 3% 65% 43% ITT CP 1 19 15 1066©*% 53% 541* -% 16% IP, MarkC 32 29 48 119 15% 18 16 -% fS 4 w r 5 13 S_ ?1 j®?* 

V 20% -% 119% 08 ITT pfH 4 39 1 ion. -104% W%-17, 31% «% Mark pHX 59 56 oC1% 21% 21% -% .r 4 J? ^ _ 37 g® J 7 Jf* J 7 +% 

>1 17% * 109 82 ITT pflt 4 42 3 85% 95 W -1 <3% 27% Mattel a .16 A. 20 4017 42% 41% 42% +1% I? « ■ I ? 1% -% 

81, -% 100% 01 ITT pfO 5 5.4 25 Sl% 91% «% 79% 64 MrahIMX 3918 X16 58% 67% 56 -% S? ‘ »» IS £-,111* 12“® 1! ** 

1 42% 83 M ITT 3.3 4 68 ® a -2 15% 8% M»hb» 24 17 MS, K% 14% !?£ 2J1® ®T® + !» 

8% 111 TO, TTT pfl 4X 49 10 09% 99% 99% 62 f, 37% MortM 1 22 12 293 45% 45 48% -% S “ 10 12*111* |L . 

l, 9% -% 20% 12 HJ lm X St 12 >794 ?3% 18V Iff* +% 4ff, 23% Masco 33 13 22 1512 36% 347, 881, +1% f 24 OT, X% TO* +1% 

V 13 +% 307, 23% htoboPTX TA 13 262 25% 24% 24% — % 50% 36 MaaCp3X SB 48 41% 40% 40% -% S? S® 2S2!** 78 - 19 IS IfS »3* 


344 6% 6% 6% -% 

9 17 297 667* 66% iff, 

H 67% 67 67 

S3 11 18 21 20% 20% +% 

9 27 388 17 10% 17 +»? 

® “ 7 % 7% -% 


77, 8% 111 BZ 

6«, sSt -% an? 12 


111 to, rrr ptMsuj 10 09% 99% 99 % «'< 37% mohm 1 

20% 12 HJ Ini 30 St 12 *794 19% 18% 19% +% 23% JMaco 30 

307, 23% MaboPlX 79 13 282 2^ 24% 2«% -% 50% 36 MaaCp3X 

5% ia, idea 18 J95 ITT 4% 4% 14% 11% kMbWLiea 

32 237, IUPowr264 ID. 7 225 1 26% 26% 26% -% 135% 76% M*tw£48# 

25% 20 IIPow pC.04 09 IX X% 22 22 -1 15% 7% Mallaf 

491? 41 IIPow pM.12 99 ZlOO 43% 43 % 43% +1 11% 9% MouLan.82, 

45 % 37 IIPOW p»7B 9.7 Z380039 3S% » + 1 17 9% Maxua +06 

1®% 101% llpw ptP 6 7.0 200 101% 101% 101%-% « 11% **«*»»' 

54 SO IIPow p *420 83 1 X M X +2 45 34% MaxuSpI 4 

sia, 46 IIPow pt390a 7 A 1 47 47 47 +1 ‘ ’*% Wl Maram 

51% 44% IIPow |M47 OB *140 451, 45% 45% -1% 49% 32 % MayDSsl.M 


FIWacMX 29 
FlWac .92 S8 
FWoc pfS25 11. 
roctib 

FBflFd.05a A 
FltFG a 

FleatEnX 21 
Flatting 1 25 

Flail pfUl 11. 
FlghiSf X .7 
FtaalPt 

FtaEC Xa .4 
FtaPrg240 6.6 


FtwGan 
Flower 38 
Fluor 
Foodnin 
FooteC 220 
FordM 3 
FtDeari.X 
FlMowdl.08 
FactWh 44 
FaibroXe 


38 9 SO 24% 24% 24% -% 45% 37 IIPow ptS7B 9.7 

11. *280 56% 66% 56% 102% 101% llPw ptP 6 7.0 

22 17% 17 17 -% 54 SO IIPOw pM 20 SO 

A 63 13% T27, 13 -% 51% 46 IIPow pt390a 7 A 

10 859 271, 26% 26% -% 51% 44% IIPow pf447 09 


21 IS 2077 261, 24% 2SI, -1 79% 37 ITW X 

29 22 479 40% 40 40% +% 28?, 13% imcDvn.14* 

11. X 14% 14% 14% 05 527, bn pen 202a 

.7 X 96 29% X 29% +«? 10% 10% ICA .1 

720 11% 10% 11% +% 19% 10% INCO 2t 

A M 7 « re 40 +% 2S% 21 IndiM P*215 

6.6 10 162 361, 36% 38% -% 27 21% JndIU pC2S 


141, 11% MaSlnol.16a ML 

135% 78%.. M8lfV&48ft A 

15% 7% Motet 

11% 9% MauLbn.62# 79 

17 9% Maxua AOb 28 


X 1.0 72 298 77 75 751, -1 


18% 8% Mum 
497, 32% MayDSsl.M 26 
61% 36 Mayla01 60a 29 

32 24%. McDr. pBJO 7.1 


22 12 203 4S% 45 45% -% S? 

s m ra 3s a i? § % S» 

;»is a aaa S s 

79 104 10% 10% 10% +% Z*. 

28 3047 15% 15% 15% S? 2? 

13 11% 11% 11% & 2® 

IS 34 38% 36% 38% +% 

670 13% 13% 13% £? g°P Tal ■“ 


670 13% 13% 13% =2 ■" 

29 18 2360 43% 43% 43% +% S* II 1 ® 


§ 5 MX.- 9 % 3S; a 

as* 14% Plahtrn .16 .7 21 11 34% aS S2 ' 9 

1«4 57, Playboy 8 S l2 2 -i, 

S* W* SSS-- 99 * i6 7s toJ x% toS + 1% 

5* 4 % POfloPd 253 7% 7% 77. * 

SS SSPl’iS 1-5“ 4334 77 » ts% -v, 

^ S° pT ® •“ 22 11 a« 40% 40 40% +%* 

2CB| lllj PtflSC M t2lj Ijta IJtT A 1 

5S iL S2? C,J » 79 X Mi X x% S% - ; 

a a es ss 9 j > a® S 


X 20 a 550 41% 40 401, — 1% 137% 301? indlEn 212 69 12 72 31% 31 W -% \ m i 87% McDnD232 


5*4 57, -1, 86% 507, InoarR 260 39 18 370 86% B6 


74% 52% McGfHT.68 


23 21 173 25% 25% 25', +1, 1911, 34% ingR pr235 <9 73 n51% S1>, 51% +% 381, 25% Udrt Q 


2690 171, 16% iff, -1, 30% 15% lngiTecJ4 24 

13 260 11% 11% 11% +% 33% 14% InldSd ,36f 

42 16 IX TO, 51% 52 +% 54 42% intdSt pM.75 09 

SI 6 7884 97% 96% 07% +1% 66 52 midSI pQ.62 59 

92 IS M% U% 143, +1, 261, 181, limited 1b 4.7 

20 X 748 537, 631, 53% -1, 8% 4% tesofis 


24 21 If 22% 22% 221, -% 38% 27% McKaaslX 
19 167432% 31% 32% +1% B*a IMS WMcLe 


3.4 11 SB7 67% dBB%87% “% 3 X% S^rtH re 

27 X 643 62% 61% 621, -1, S. “' 4 -JJ 

10 5 351? 35% 35% -% ^® ^® 

S9 16 2283 33b 32% 33% +% 25 


U 755 26 24% 25 +% 

19 24 166 361? 36% 38% -1, 

SOW 1578 28 £%;£%-«, 

28 2237X1, 27% 28% 


09 11 TO? S' 53' -%' 3 1 " McL*a wi 

59 24 66 85% 6fl +% ?2% 45% Mood 1.32 

4.7 13 366 217* 20% 21% - % » T fl «% Mesra a J4 

1686 8% 7% 71 , +1, 971. BS MotUm 38 

X 146 24% 24 a* -1* 1 70% 35 Melton ire 


29 16 288 15% M% 15% 4-% 281; M% IntgRsc 


X X% TO, 29i, +% 


imgfl pane M 


•u oan «K ®2 iN'l T if I re* re* -reo 1 1 ai* 

145 15-15 7, 15-16 + 1-1^ Rg” f , ** 5? »* S’a »? “»* 

152 1 1-128594 1M»1-12lIi S 7 ?7 53 20 +% 

19 47 1313 68% 67% 68 "% S 4 &" 1 * ** 10 37% 36% 3ff, -% 

9 2* 669 26% X 2B% -% " gJJ™ J* * 4 - 7 » 84% »*% 64% -0 

9 19 601 937. 937. J 119 ? 113 p Hmc pf1S73 12 17 114 113 113 - 1 % 


Motttm 38 » IB 601 TO, 93% 937, 

Mellon ire 4.0 10 60T 35% 35% 35% -% 


40% 40% 40% -% '31% 26% MettonpCX IS 


ZB X -% 




39 




financial Tunes Thursday May 24 1987 00 


NYSE COMPOSITE CLOSING PRICES 


AMEX COMPOSITE CLOSING PRICES 


IZRoott 

High law Stack 


21*, U?, 

3714 27 

«B ’’a PreRTO * 

S’* 6 PntfU *8» TO- 

2114 TO PSvCol Z SL5B 
8* 75 PSCof pfT.13 . as 

25 21% PSCot pC.10 ftS ■ 

itPa 101* PSind 7 

45% 28 Win p4M3D92 

i5 s pshr. (riBiJu aa 

io <r% ps*m a 

23*, 17 PSMH pf • 

23% W, PW p® 

311* 21% PNH pIC 

29% 20% PNH pTO 

2B% 19 PNH pE 

253, 171* PNH pff 

20*, 17*4 PNH ptQ 

38*4 30>* PSuNWLia 1810 

48% OS PSveQ2_96 7* 14 

£51* « PSSS pHJff- 9.1 
60% 54 PSCG pCS. 05 82 
72 ST PSEG p|528 92 
101 834 PSSS pf7J0 9,1 

101% 84% PSEG pf7.B0 8.1 . 

3> ( 23, Pubuck .4 

2«% io% Puattto- 20 ■»' is 

38*2 11% PB com J5 a 
2S1, 19 ’ PugOPl.76 82 10 

10% 67, PuBmn .12 12 19 

21 1, Iff* PufteHal2 2 IS 

40% 19 PurotaUSs J 

37% 38% Purtt wd 

8 5 Pyre . 21 

17% IT OUS ■ 18 


Ol’H 

r/Sfe One Pm. 12Mfe P/ St On Pm 

Oh. W. E IDOtMgb Uw QontOna High Low Stack Oh. W. E TDtoffigfc low tote Dm* 

Continued from Page 38 «!% 3r| soui hi! n ro! 5 S -J 

on, as 5, Prwtaan " «*• :* St %. fficSST u »SiM -u 

n li ,« i* M I£? I£ "I 4 W? 44 Southd.12 28* 821149% 481, 49% -% 

0 m ST* S 4 U TC 80% South! pf 4 8* 108 83% 68% 63% +% 


Prefer 1.40 3*111 1 


as a 3 =? a ? sssa m 


« S 4 u? U « aou«p( 4 6* 108 63% 68% 63% +% 

S 2' ff 2 11% B Sowra&a 25 6 787 »4 9% 9% -% 

!L 2* &. 2? t? 50% 38% Son* pMJffe 11. 67 41 401, 41 +% 

Sum-* fa* £ 1m »% « Son* pe*i 8* M 27% zt% 27% 

5“» t 9?r. Slu US »% » SWAM ,13 .7 16 1825TW, 19% Iff* +% 


73 75 -% 


» a- g -v s: ir% ~ .. ... 

Sojt B jg 2 ssss* M11 if’is* 2S! 4 2 £ i, "I 4 

-jMHfl. tn, ««. ±« 4p7, 307g SwBflHwL S3 36% 36% 36% “ll 

MPa? •J 1 ' ?4% T7 SwEpf SB 23 16 210 24 23% 23% 

zKWffTV tn.iri.3L 97% 26% 5MPS 212 £0 10 407 28% 28% 2£t +% 

2r“%E* 15 IT* «% tt Spartan J2 04 0 70 15% 15% Iff. +% 


5*12 116 23% 23% 
&4 11 1241 109% top. 


ess «% * «%«% £? 

*WOOf7% 17% 17% -% *2 

» Jft » Ml ^ 3S, 18% SjwSP 217 183 23% 23% 237, 

• 5 TO a o w * -1U • 417, Spring* *2 2* 16 109 6S% 64% 6S% 

H ■« ■ n « W, 39% SquarDlJM 24 18 409 55% 54% 54% 

4 Vh Stuttv -v l*ii Squibb £40" 12 TO 3274 01891,186% 169* 

. Si S' %• " IhiSS, s* a ss i' s’- S' 

U 10 860 327, 32% ss% ft t£ an w a. 

7*14.11KM7, 37% 37% +% ?T SSf.-" ^ ^ E* 


3L4B 70 1!% 18% 1S% +% 

217 183 23r, 23% 237, +% 
2316 109 6S% 64% 65% -% 
3* 18 409 55% 54% 54% -1% 
1*19 3274 01891,186% 189% 4-3% 


7* 14 .1182 977, 97% 37%+% ¥. 

Bui 2200 45 ° 45 45 -% 2k S. SSr *2 

Q 1 rMI W W b "t “T ■“ 


2-7 T7 064 22% 22% 22% -% 
195 87, . 8% 87, 

1*U 38 20, 2#, 20% -% 


“ J? SS IS IH 3% 13% 10% StaMSd.12 

■? ** 'SP is* IS? +, » I 47, 27* Stoeoo .ill 


■? “ -3“ 3SS E? +'* 47,' 27,- Stow ill! S 10 «T 

J ? ST* 2? • 2?* IB 7 * 12% KrrlBcp *0 8* 13 67 13% 

„ * g ^ 56 41% StoriOfli*2 ' 2* 17 2512 32% 

« 25 52i 48 901* sum} iao 2* 14 238 437* 

tiS STS!? ** ?*^- oa - S*S0S889_ 30% 


8 37 

21 .200 57, 
18 227 1S% 


37 37 

5% 5% 


10l 35 11% 11 11% 

2* 10 3% 3% 3% 

ao 13 sr 13% is 13% +% 

2*17 2512 32% 81?, 52% +% 

2* 14 238 437* 42% 43 -% 


v? tk m ,, H HJ*- IS" j.- I 31 * »% StwWrrtJB &S30S839 30% 30% 3» 

SS SSSk? US IS?S! 3fP S 7 * 1*1 M% 12 SttVC pr 1 71 XW Vi TO 13 


31% 23% OuakSCBO* 9.1 15 -T7B .28%. 3a. *5.+% 7V Mot 

7% 3 Qumx 408 6% 6% 6% -% sa 4M, Stora 

12f* 10% QatVl n.wa 1* S3 11% 11% 11% S% S »»nac'*b 

12% 97, QtoVC n . 65 TO% TO? iu5 +% S% SSr* 

48 291* OiMSto4*Q 4* « 421 39% 39 38 ^1* S, 

a 15 <***■ 14 88 22% 2!Z% 22% +% ^ aJorBqlJ« 

R R R 5 2 VjStoiT 

10>, 67, RBJnd .4122 32 6% 3% 9% 24% 17% StratM2.47i 

65% 40i* RJR M>1*D 8* 11 9181 497, 48 48% -% 37 25% StridRt *8 

12ff, 120% RJR ptn*0 9* 8 721% 121 121 -% «% 71* SoavSft 

11% 7% RLG *0 24 17 908 8% Br* 8% +V 10% 8% SunOfen 

20% 13% RU Cp *8 1*8 43 Wfl, 76% 16% +% W% 9% SunS 

6% 1% RPC Z3S S% 5 S% Wt ^ 8*mEntf*0 

SB 21% RTE *8 2.1 21 SB 32% 32% 3Z% -% 73% 45 SunCo 

16% 6% Rtoflco 960150 7 6% 7 -% Mff, 83% SunC p(2J 


t2i z 7i«- Satol 8 88 9 8% 9 +% 

59 48% StoooHUD 2* 12 51 57% 57% 67% -% 

95% 40% SttnaC *0 * 23 1006 88 05% 8S% -% 

12% 6% Ssonfi* 3 37 10% 07* 10 ■ 

61% 40% StopSHB-TO 2*20 388 SB 55% 55% -% 

20 197, StorEq 140 *7 13 129 14% 14% MS, -% 

5 2 VjSKsT 6 651 4% 4% 4% +% 

24% 17% Soa1Ue.47o 11.9 103 21% 21% 21% -% 

37 25% StridRt *8 24 15 47 367, 38% 38% ■>% 

1Z»* 71* SnavStl 9 31 Iff* 10% Iff, -% 




9* 8 121% 121 121 -% 127, 71* . SoavSh 9 *1 Iff, 10% Iff, -% 

24 17 309 8% 8% 8% +2 10% S% SunOtan 145 9% B% 9% +% 

1*8 43 Aft, W% IB, +£ TO% 9% SunB - 38 104 V&, l3, 14% +% 

235 5% 5 5% 207g T», StnEntfZO 6.1 184 Iff, 19% 19% +% 

2.1 2159 32% »% 32% -% 73% 45 SunCo 3 4* 26 861 87% 66% 68% -% 

960150 7 6% 7 -% WP, 93% SunC p(2*5 1* 2 138 138 138 -3 

15 B 1409 80% 78 80% +1 64% 49% SunctotriSO 3* 24 183 57% 58% 57 

28 1068 87,. 8% ff, -% 10% 2 SuoUn 3008 6% 77, 77, -% 

82.1381+*%' 6% 6% +% U% 47, SuaU pH .19 12. 257 ff, 9% 9% -% 

4 22 389 115 113% 115 +21, 28 Wi SunTr s .64 2* 12 245 23% 23% 23% + % 

* 11 19. Iff* Iff* 18% -% 90% 19% ' SupVaM2 - 1.4 25 3315 3B% 29% 29% +% 

12.9 136 22% 21% 217, +% 48 22% SupMkB*8 * 28 *719 43% .45% 45% -% 

8 15 8% S% 8% 17% 11% Swank 33 22 14 1+ 1+ +% 

2* H 999 73% Trr. 73 +T, 16 Iff, SymsCp 15 19 12% 12% 12% +% 

WS35% 47. 5 -% 84% 51% Syntax . 2 2*23 1057 78%.. *7% 771* -1% 

38 (112% ■«, 12% +% SB 25% Syxco *0 * 25 3S3 341* 34 34% T % 

4 8% B 8 -*% T T T 


11% 7% RLG *0 24 17 SOB 8% Br* 8% 

20% 13% RU Cp *8 1*8 43 18% 16% 16% 

6% U, RPC 235 6% S 5% 

SB 21% RTE *8 21 21 59 32% 32% 32% 

16% 5% Rwflco 950 150 7 6% 7 

83% 80 RaloPui** U 15 1409 80% 78 B0% 

0% B Rama* 28 1068 87,. 8% 87« 

5% 3. Hanaro 82 . 1361+*%' 6% 6% 

118% Bff, Rayon 44 4 22 389 115 113% 115 

25% 10% RJaraFnl* * 11 19. Iff, 18% 18% 

25 IB R*yora2*0 12. 9 136 22% 21% 217, 

11% 4% Rayich 8 15 8% 8% 8% 

84 58% RayOinlOO " 2* H 999 73% 7 t% 73 

5% 1% RaadSt 16S35I, 47, 5 

12% 4% RCBat pf 38 u12% Iff, . 12% 

9 3 RdBt ptA 4 6t* It 8 

Iff*. 15% RHRet us2 92 B. ■ 1 18% 16% 16% 

23% Iff, RacnEq 19 490 Iff, 19% 19% 

IB ff, Radmn.*2 85 13 122 9 ff, 87, 

50% 20% Rfiboks-40 - * 78 913 43% 43 43% 


5 -% 

12% +% 
8 -% 


M 5i ' 25* S2* 35* li* 10 6% TCW p JSo 2 ■ 017 8% 8% 8% +% 

«2 ST ^ »• S 53% 371, TDK JOo 12 28 118 .427, 4Z% 4ff, +7, 

^ S IS Lt 2? 54% 40% TECO 2*8 6* 12 304 43% 42% 42% +% 


” “ ■« J»4 +.% iT ffl 7W 

664 in, I? il? . 112 83% TRW 

Tk « B S 17.- ik ufTae 


IPS ffj RooiFhn 1B4 7% 7% 7% -% 

48% 2ff, RafchC *0 ' 2* 17 363 40% 39% 39% -% «5% TuSlI 

11% 7% Rerap ruap. 1211866 10%ff* ff, -% a^ir 4 tST ^*7 

13% 7% RapGyp38 4* 14 72 8% 6% 8 % « IL tSS n 

57%. 44 R^iYUa 24 9 434 4? 4^, ^4 -% g . 

29% 17ij RapBk 1 +021 1285257, 247, 26-1 751* CT% Tandem 

29 25. RapBkptt.12 7+ 2 ff% Z7% 27% -% S? fEf 


S 2 ^ gas 1 - 1 *, Hh 5 *; TSaija 

29% 17% RepBk 1 +0 21 1285 257, 247, 25 —1 tm. yn, Tmtom 

29 25. RepBkpB.12 7+ 2 27% .27% 27% -%. ££ ^ JX 

90% 64 RepBkod|8*to9* 1 67 07 fit -1 S ^ 

3«a « »bCot*2 l*« “‘-*6 » » Tb 2% 2TU 43^*0 

21% 10% Rotten n W, TO% 10% +% p Tak«n 

47% 28% Roxmn *0 1*14 119 41% 40?, 41 % +% « ^ tSS? +b 

74% »% R eyMtf 1 M 15 Zf727^ Tff, 71% -1% « tWnS M 

43% 29% ReyU p(2J» S* 18 43% 41% 42 -1 ^01,. '** 

32 15% RhedMZS 11 12 31 17 W% 16%“% «%* mJ tSS| « It 

39% 28% RltoAld *0 - 1*18 572 34% 34 3«% -% S% M TeSodLM 

3 % RwOak 14 1 15-1613-18-1-16^ ^% Tmbpr7> 

IS ^SSSi- 2 * - 22 IS S 5 ? IS + i Z*- tSSii 

5 1 « 2 122 22*55*“' «% 7% Tarao 

297, 1S% RocHC 220. 12. 6 192 18 17% 177, zsb Iff* Taaor dO.1I 

52 39% RodiTl2*4 40 12 108 43% 43% 43% +% g ££ CnShS 

22% U% RckCtrl*0 *818 7 82 20% 20 20% +% Su «% ?jt+tel« 

30?, 18% Rocfcwl *6 . 2* 13 >338029% 28% 28?, 1 


Iff, *% H3BF 58 88 W% ■ 8% ff, -% 

20 TNP 1*0 6* 10 11 21% 21% 21% 

83% TRW : 3*0 3.1 IS 310 - 102% 101% TO2 +% 

7, yfTaeffi 8 180-1% 1 1% +% 

98% TaOBrrtt.15 * 45 149 140% 146%-% 

17 . Tallay - *7 1J5 « 419 25% 24% 24% -T, 

19% TaBey ff 1 M * Z7i, 27 27 

4ff, Tambda1*0 3* 17 708 50% 55 56% -1% 

27% Tandem 34 4891 84% 621, 83% “1%l«n. 4 m. wmt7rt 'm 

m. Tnh' JOI 19 IK UM or, s. tn an a. +1. I?*” 8 «% WMrt *4 


AQpf 1*0 


TO 

14% 

14% 

Ml; 

AT5E 


1110 

»% 

22 

24%+ % 

Acton 


MO 

3% 

ff. 

3% 

AdRusfl 

188 57 

24% 

84 * 

24% 

AlbaW 

11 

33 

5 

7% 

7?,- «4 

Mphala 


88 

7% 

67, 

7 - % 

Afeaa 

140691 

36?, 

36% 

36%- % 

Amdahl 20 

323137 

st 

99% 

40%+ S, 

Aferaal*le 

10 

37 

28?, 

27?]- % 

AMiaA JB 

8 

11 

17 

IP, 

17 + % 

AMzaB 22 

5 

13 

IP, 

18 

IP, + % 

AMffld 


198 

37, 

3% 

8% — % 

APad 

AProca *0 

22 

68 

44 

7 

-at 

81 

15% 

81%+ % 
15% 

Amfloyl 


138 

Sr 

9>| 

TO 

ASdE 

re 

14 

4% 

4% 

4% 

Amort *6 

4 

61 

1% 

1% 

1% 

AndJcb 


1 

»% 

1% 

1?, 

ArxCmn 


89 

8% 

8% 

ff,— % 

Anwm 


2 

3% 

3% 

3% — % 

Aatwg 20 

1234 

11% 

11 

11% 

Aattwc 


155 

% 11-16 1V1G 

Atarin 

20 

29 

28% 

26% 

rrT 

1 I 

AthCM 


907 

1% 

1% 

Adnwt 


13 

9 

Pa 

8 




B B 


BAT *3a 

12651601-18 

0 

8 

Bustrg 


70 

ff. 

8 

ff,+ % 

BaryRG 

11 

S2 

7% 

7% 

7% - % 

BargSr *2 

15 

107 

22% 

22% 

22% + % 

BKCp .tn 13 

120 

as. 

25% 

26%+ % 

BlflV 44 

14 

13 

14% 

w% 

14%+ % 

BinkMI 1 

12 

20 

28% 

28% 

28% 

BlockE 

36 14424 u4 

3% 

4+% 

BtaumA M 27 

121 

18% 

IP, 

10%+ U 

BtountB 40 XT 

90a16% 

IP, 

«%+ % 

BowVxLIOr 


151 

15% 

143, 

15%+ % 

Bourmr 


90 

z% 

2% 

2% 

Bownes 25 

16 1020 

2D% 

IP, 

Iff, - % 

Bretmg *8 

10 

94 

28% 

28% 

28% - % 




c 

■s 


ca 

10 

33 

31% 

31 

31% - % 

CM 1 Cp 


128 

<% 

4% 

4% — % 

Crtprop-90C 

0 

1B4 

8% 

8 

8?«- % 

Cameo .44 30 

932 u23 

a 

23 +1% 

CMarcg 20 


18 

M% 

14%+ % 

CaatIA *0b 

62 

25 

17% 

17% 

171*- % 

ChmpH 


437 

1% 10-18 10-16-1-16 

ChtMdA *4 

18 

345 

28% 

*7% 

Z7? a - % 

ChlRv 1*0 20 

13 

21% 

21% 

21?;- % 

Qirovg 

ClyGaxISO 

14 

56ul1% 
6 47% 

10% 

47% 

11%+ % 
47%-?, 

Ccanlnc 


83 

W% 

13?, 

M 

Cmpcn 

42 

US 

10% 

W% 

10% + % 

Cncftm 40a 16 

9tu25?g 

2*?, 

25?, +1% 

ConcdF 


37 

in. 

in* 

11% - % 

CowCp 


8 

6 

5 

5 + % 

ConjOG 


774 

2% 

2% 

2%+ % 

Consmn 

11 

23 

10% 

10% 

10% 

CotnMB 

14 

8 

21% 

21% 

21% + % 

Cross 1*0 21 

1 

58 

5B 

58+1* 

Creep 


11 

15% 

15 

15%+ % 

&CPB 


41 

13% 

13 

13 + % 

cwcppn*2 


5 

24% 

24% 

24% — % 

ewepmre 


4 

24% 

24<« 

24%+ % 

Ci*ic *9 34 

9 

R 

ID', 

18% - % 

Carries 1*4 

15 

7 

37% 

37% — % 

CustEn 


188 

2% 

2% 



Stock Din 
DWG 
Damson 
DetaPd .18 
Dal mad 
□< Hard .12 
Diodes 
DconeP 
CXxntrs 1 
Dorn trad 
Oucom 20 

EAC 

Eaigp ZflOo 

Echoes .14 

EcoSn 

Etelnor 

EmpAn.OBa 

CffiMkl 

Ewy +0 

PBUnd *0 

FMota 

FAiaPr*7e 

FbchP +1t 

viFlinlfl 
fluke I** 
Rhino 

Foma. 

FraqEs 
FrvhU 
FutVU 20 

CRI 

CT1 

Gad.lt 

GlamF _66 
GnlYIn 
Glatflta *8 
Glnmr 15 
GldHd 
GmdAu 
GrlUtC *0 
Oran ms 
Greiner 
GrdChs 42 
CHCda *2 


P / Si 

E TOOs Kgh low Gba toff 

1350 5% 5 5% 

8444 ?, 9-15 %+ % 

27 sea ii% 11% 11% 

5693 1% 13-16 1%+ I, 

15 510 41% 403, 41% - % 

8 3% 3% 3% 

467811-16 IMG 1 V18 
992 287, 27% 23 -1 
1 M% 14% 141, 

10 187 12% 12 12%+ % 

E E 

15 73, 7% 71, 

9 2 29% 29% 2ff, 

1410 41% 40% 40% - % 

122 20% 19% 20%+ %■ 

49 2% Z% Z%- % 

7 174 5% 5% 5% 

33 424 10% W% 10% 

18 43 227, 22 22% - % 

F F 

12 t 35 35 35 + % 

5 124 7 8', ff,- % 

121 1 9 8% 9 


104 2 14% 14% 14% 

10 TO 4% 4% 43, + % 


Hal ml 

Hammn*7t 

HrdRkn 

Harieyn 

Karpin 

Hashes JOB 

HlthCti 

hBtvstn 1*1 

Helen .10 

Keri£n 

Horsno 

HoltyCp 

Hme&hs 

HonyMn 

Hormot *0 

HmHor 

HeuOT sen 

HovnEe 


20 21 SB% 28 JE% + % 

13 ISO 6% 6 5%+ % 

38 524 29% 28% 2ff, + % 
19 14 25% 25% 25% 

2163 7% ff, 7 * % 

17 80 87, B% 8% - % 

G G 

9 29 77, 77, 7%+ % 

135 8 73* 77,+ % 

223 S% 5% 5% - % 

T9 219 29% 28% 29 + % 

22 103 19% 19% 19% + % 

19 195 33?, 32 323,-1 

30 33% 32?* 33%+ % 

287 1 7, 15-16 —1-16 

150 32 18% IB IB - % 
<87 375 59% 59 50% +1 

128 11% 11 11 - % 

12 137 14% 1*1, 14% - % 

15 163 15% 15% 15%+ % 

305u23% 22% 23%+ ?, 

H H 

16 318 3% 3% 3% 

B 5 12i« 12% Iff, - % 

204 13% 12% 13%+ % 

10 486 16% 15% 15% -1 

183 B% 8% 6% — ?« 

14 1056 23% 22% 23% - % 

91 49 10% 10 10 - % 

104 20?, 20% 20% - % 

8 21 31% 31% 31%+ % 

8 202 8?, 8% 8% — % 

50 6% ff, 6% 

6 30 15% 15 15%+ % 

2544 15% 14% 14%+ % 

21 59 9% B% 9% — % 

21 41 38% 38% 38%- % 

817 iff, 12% 12% - % 

2 337 1% 1% 1% 

20 ISO 177, ,7% 171, - % 


ICN 6 1511 113, 11% 11% 

LSS .16 20 23 7% ff* 7?, 

ImpOUplfiO 544 uSC% 5S 56% +1% 


P/ Ss 

Stock Ob E tOO* ffigb Um Oua Ctmff 

InttSy K ISO ff, 2% 2% + % 

inaSypT-Hi SO 3 3 3 + %, 

MgSy*5« 11 139 8% 8% 6% 

IntCtyg *0 24 S 14% 14 14%+ % 

imrmk .10 120 11% 11 11%+ % 

InLEHan 299 4% 4% 4% + % 

_ J K 

Jatren .771 14 6 5% 5% 5% 

JnhnPd 30 2?, 2% 2% 

Johnlnd 8 13 20% 10», «?, - % 

KayCp .12 4 268 10 9 9% + % 

KeyCoA*Sa 11 2 3?, 3% 37, 

I KittarX 18 100 4% 4% 4% 

Kirby 320 4% 4% 4% 

KeB*rC£40 12S1J4 34 33% 33% - % 

L L 

LaBaro 12 tt. i% u, - % 

L0mkS/20 8 2 10% 10% 10% - % 

Laser M 52 12), 12% 12% - % 

LeePfa 6 288 7?, 71, 7% - % 

LeburT 12 ISO 8% 8 8 

Lfettmo 30 321 3?, 3% 37,+ I, 

Ullyun 148 2% 2% 2% 

Lionel 12 253 6 7% 7% - 1, 

LorTaJ 15 652 15), 15 15% - U 

Lumox *6 13 111 17% 10% 18% - % 

LyncnC 20 35 10 22% 22% 22% - % 

M M 

MCO Hd 36 1ST; 161, 16% + % 

MCQ Rt 474 7-16 % 7-18 + % 

MSI Dt 38 33 14 137, 14 

M5R 291 U 2% 2% 2% + % 

MartPa .12 38 21 IB?* 18% 18% - % 

MMRaft 70 9** 9% S%- % 

Matsu 17 48 217, 2!% 21% 

Matrix U 9£« 12% 11 ii?* +1 

Medina *8 48 332 62?* 62% 82% - % 

Mdcore 26 106 3>, 3% 3% + % 

Mam *0 17 8 19% 19% 191*- u 

MtchStr 19 124 6% 6% 5% 

Mid Am 34 17 7% d 7% 7% + % 

MtcftJE *4 SO 350 15% (5% 18?,+ % 

N N 

NVHmS 22 213 17 Iff, 16 -1 

NtPatrn .10 10a Iff* 15% 16% - % 

NMxAT 8 30 23% 23% 23%+ % 

NProc 1.1SB 14 4 27% 27% 27% 

NWldP 17 725 13% 13 13 + % 

NYTme+36 34 20*1 41% 40?, 41% - % 

NawhC *5r 81 1% 1% 1% - % 

NCdOG 55 13% Iff, Iff, - % 

NudOt 5 3% 3% 3% 

Numac 37 115 8% 8% 8% + % 

0 P Q 

OEA 15 3 24% 24% 24% 

OdetA 900 48 B 8% 9 

OdetB 111311 11% Iff, 11%+ % 

OOUep 158 u14 13% 13%-% 

PaitCps *4 26 559 31 30% mu + % 

PeruuC *0 19 1 31% 31% 31% - % 

PtHeatn32e 51 17 14% 14% 14% + % 

PhllLD 23a 10 373 u22’j 21?, 22% + % 
PlonrSy 4 2% 2% 2% 

PIDwavlOO 18 4 109 U9 109 

PtartJo 40 23 211 37 38 38?, 

PopeEw 30 2% 2% 2%+ % 

PrmdB 144 22 5% 5% 5% + % 

PrasdA .08 10 5?, ff, ff, + % 

PrcCmo 191 11% 11% ti% 


Stock fit 

rbw .10 
Ranabg .72 
Heart A 
RstAaC 
RatAaAJOa 
ftckwy *2 

Rooers .12 

RudKta.32a 

SJW 1*8 

AlQB 

SUoeCn*5e 

Satom 

SOtoTO *0 

StxlCp .50 

SecCap *Sj 

SlkeaA J36 

Solrtrort 

SpodOP 

StHavn 

Sunwd 

SterfS 

SlerlSIt 

Synatoy 

TIE 

TU 

TahPre *0 
TonflBr 
Tdl Am 

TecnTp 

Tolkd 

Tataaph 

TmpIEn 

TavAIr 

TotiPiq M 

TriSM 

TubMex 


P / SU 

E 100, High low Dote Ctage 

R R 


43 I 7% 7% 

67 12 11% 

667 31 53% 53% 
9 22 11% 11 
B 875 10% 9<; 

22 146 14% 13% 
29 36 24 23?, 

13 e Iff, 191; 

s s 

11 IT 37% 37% 
33 9 87, 

118 109 18% 16% 
2 5% 5% 

18 22 19% 10% 

7 12 128 125 

273 4% 4 

17 229 28 273, 

19 23 10% W% 

32 6% ff, 

14 4 4 

18 SI 10 9% 

175 10 1% 1% 

13 £26 Iff, 10% 

28 4% 4% 

T T 

640 4 3?, 

7 310 7% 7% 

19 17 187, iff. 


31 

ea 

14% 

14 


31 

3% 

3% 

15 

104 

6% 

G% 


38 

ff} 

2% 


S3 

3 

ff. 


187 

10% 

10 

4172 

43% 

42% 

25 

969 

22 

21 

6 

9 

16% 

16% 

3 

1141 

i 2’a 

2% 


7% 

11 %+ % 
53% + % 
11 - % 
9% — % 
14 + % 
£3?, - % 
Iff; 

37%- % 
9 + % 
16% - % 
5% 

19 

136 

*!»*“ k 
27%— 'a 
10 %+ % 
6 %+ % 
4+% 
9 ?,- % 
1% 

W%+ % 

*4- '«• 

3%- % 
7% 

18% 

6% 

2 % ♦ % 

3 

10 - % 
42% + % 
2 *?* + ?« 
16% - % 
2 %- % 


u u 

USRfnd 7 1% 1% 1% 

Ultra *60 65 97 13% 13% 13% 

UnWyti 13 2S 9% 9% 9% - % 

UFooOA .10 6 34 2% 2% 2% + % 

UFoodB 8 I 2% 2% 2% 

UauPHZ25t 2*9 12 11% 12 * ?a 

V W 

VtAmC.40b 12 9 23% 23% 23% - % 

UtRsh 14 r% 7 7%- % 

Vomit 32 103, Iff, 10% 

Vonjrta 6 3 5% 5% 5), 

WTC 31 K ff; 7% 7% + % 

WangS .18 2203 18% 16 18% + % 

wangC .11 2 16 % ia% ia% - % 


Wash He 

7 

67 

12 

H"l 

11?,- 

% 

W*rt%t1.ZB 

23 

155 101 

100 

131 


WttiCrd 


70 

3?, 

a?. 

3 - 

% 

Wolico* 25 

O 

23 

IB'; 

«% 

18'*- 

% 

WaliAan 

3 

79 

2?, 

2 

ff, + 

1g 

WolGrd 


315 U 7% 

7% 

7% + 

% 

WM&rg 20 

13 

5 

16'; 

16'; 

16'; 


WDigm 

19 1647 

32 

31% 

31% - 

t. 

WtwEna 

13 

174 

7?1 

7% 

7*, - 

% 

WkdBta 


:i 

1% 

1% 

1% 


WXAas 

11 13961 

3% 

3% 

3% 



» £5 12% 11% 


Wortfm 

63 

8% 

8% 

8?, 


X 

Y 

2 


Zlmer 

15 

3% 

3% 

3?I 


OVER-THE-COUNTER Nasdaq national market, closing prices 


TB sr, »| 3M 3*% — % 50% 3* Ttnia&M 6+ 4287 47?* 47 47% +% 

3 1, mtuu 14 1 15 - 16 15 - 18 — 1 -W ion ms, t_ ar7MX 7 * 7 949 . 94 % +% rtrtl ™" i*** — |. w 00 so 

18 % Iff, R«*twt 1 *« 208 15 % 14 % 1 S %-+1 IS. ^ iS -^ 7 - 40 840 IS IS -% 2 E* Vto<lWt2 ^ 8 S“ 37 **» ?L 

25 % 7 % wJRoblrw 8 . 485 21 % 20 % 20 % -% SS 1 TO tS m! +2 £% » 22 7 B 304 ff, 38 % 40 % + 11 , 

2 ff, 16 % RochC 2*0 12.6 W 2 16 17 % 17 % ^ % T^pO -16 9 * 15 2 » 22 % -2 *?* * M ** 17 & S'* »« 

52 39% RoehTl2+4 6.0 12 108 43% 43% 43% +% 2’ mt Irr SLSo t7 1710636)1 ^ ^ -1 5* H* V ' telnU . 22 Z?, 2% 2% 

22% U% RckCtrTBO 8*18 782 20% 20 20% +% TxAB^TOi mnM ^ 14* +% 12. ^ Wean_pU1k 15 10 8% 10 +1^ 

S'* ?’* 'S"S* ? 2?* 38* TexExt ' 1< 1 2.7332 771 38% 38 * 38% -% Jf JJSSSL" 20 M i° 40 J 14 IiMiitt 1 

2- . 8 te(Rnn*2». -7 « fh 5*,. 33% 23% T«md*0b 2J 47 57 2B% 29% 29% +% jESSgm «.h S 2 5L Vt^VnuJt 

34% 14% RobrCc JOS'- -* 38 338630 ^ 29% ^% ® ^40 ' 1240 15 M% 5^ W^% K 4 2* Y?*!**?** *» *** +J» 

19% 14% Rodin, *0 2*22 52 17% 17% 17% — % jgyJ TmcUdt2*0 8.7 7 6045 -% S’* S. **?£.. <* J* J* “ *?4 4B, 48% +% 

29?* 14?* Rooers 40. 1* 13 1TB 281, 28 26 -h «a « imT xr! 30 W* WatFM 2 11.9 90 19% 18% Iff, -% 

62% 35% FW M8 2*41 2875 44% 44% -1 Jfj* tSSorMO S* ^2109^ S Sa -% IS* L- 2«10% «« « +% 

»% 5% 2 b«% w, «, +% 8 ? tSSt 4 ” Ii “ S, S s S iS 

a. §• STriiB « . & a. ii -.2 Sf £? S- ... 2 ? S USES? “» 3! ^ S' 2S 


95% WasN pCJO +5 1 S6 

St?, WstiWt 2.43 BJB7S 270 27 


13 0' RodRnn*7». .7 10 44 9% .9% 9% 1 33], 2ffy TwdMtBOb 2J47 57 28% 28% 29% +% J 2£J* Ii. vfltedfc 

47% 28% RHaaa* *0 14 TO 8K 44% 44% 44% +% I Twdnat 2 LU42 2325 186% 165% W5%-% IS? 


+5 1 S6 56 5B 

52875 270 27 2H, 27 

22 7830 40% 38% 40% +1% 

1*17 128 34% 33?, 33% 

22 27, 2% 3% 

15 10 8% 10 +1% 

1.1 W TO1 Iff* TO 19 

1 +92 % 11-1811-18— 1-B 


29?, 147, Roper, 40 1* 13 1TO 28% 28 28 -% 14% 3 T«3i h« 

62% 35% Rarer 1.18 2*41 287545% 44% 44% -1 ^7* T^ror+80 

2Ii & ^ yMn - - ISSS- 2* S 15 »% iw i iffmEB 

35% u 15 56% 37 Thm Bel*S 

S* 7 *k HE.”*" ' « «ro«i»%w%i2*%+% 55; «% -nxumniHi 

«L 5^21 n S L 5* It I? 2* *1% 71,1114040 

5fCL"e. -.- Si L SL SL IS **% 12 ■Hwrind 

“ 16% Rubmd*8- 1*2# WJ »%«%»% +% 7% 3 Tldwtr 

43% 25% R waBfJtt, . 1* 17 .IS 38% 38 . 38. — % 231- 21% TWnv a 

38% 25% RusTop *0 " Z8 12 « 32?, » 32 -1% ^ £* -R. 

20% 13% ■ Rusal % JO 1.1 TO 282 17% «% 17% +% 9, Tkpe 

50% 30% RyanN 1*0. 2* 13 152 47% 47?, 47% J, ^ 

43 24% Ry«tor%JZ 1*17 117539%- 39 39% ' SS Tto»M1*4 

33% «% RytoB *0.. 24 23 -2S 24*, 24% 24% —% gok -t£*en . 1 

as „ 15. Rytod a M„ 1*11 520 24%. 23% 24?, -%. g * TTOmT. 

24% 16% Rynw 95 5 20 ...» »_ .0% Itja .Titan pi. 

* :• ^ o - c • - 1 • u2#%. Tbdshpaa 


285 13% 13% 13% +% } u ®. Thick 

7810 7% 7% 7% +% jpS'SL lESfa 

1377 34, 34 341, 4% ^ J •{£££? 

4M3u128%127%iat%+% ff 


’S s s* 


12% 8% SL bid -17b 1* 13 16 .10% 10% 18% -%{•?* !S 

-7 33?, £STee*a 2* 15 41.41% 41% 4l% -%|s: ^ tScKSi 


5* 22 31 27% 27 27% +% 

1*20 BO 44% 44 44 -% 


IS 4Sa34ri28%127%12B%+% 
78 63 7 B7, 7 — % 

.73 * 8% 87, +% 

28 641 28% 28% 28% +% 

117 .153 38% 38 39 -% 

112 83 32?, 32 32 -1% 


Su Ss “» *■!“ fS SS; ^ ** ff. JwSVolo 

15% ThomlnBBb • 32 18 139 21% 21 21' ■ Tt« 1.* *nu “ 

«% TtonMadO Z1 22 104 19% 19% 10% -X JScT-. 

I z ff ; * ^ 

3 Tldwtr 685 0', 6% 6% % B7. SI. IMInlm 


24% 12 Thorind 
7% 3 Tldwtr 

23% 21% TWny a 
13% 3% Tjgar&s 
94 68% Time 

41 .. M, Tbnptx 
■9% SS TbnaM1*4 


685 ff, 6% 8% — % IT 

618 Z&t 21% »% + 7 I «* 

943 T2% 12% 12% -% « 

1. If 49 2342 BB 86% 88% -% Si, 2? 

20 402 38% 38% 38% -% JT“ 
2*13 104882% B0% 81% -% S,. mi, 

* .TO4 8%-c*% 8%. T> go * amf 


28 Wj WidnSLJM 
ff, 3% WUnton 
331, TO WnUn pf 
6% «% WnU p« 

11% 2% MMJ plE 
42 19 wun ff 


33 15 341 87% 86 87% +1% 

383 13% 13 131, +% 

2375Biil% 1% T% +% 

234 7% 6% 7% +% 

I* 11 133 20% 20% 20% -% 

1734 5 4% 47, +% 

2 24 24 24 

27 3 2% 2% — % 

16 3% 3% 3% +% I 

H 37 36 37 +1 


WstoE US 2* U 3135 62% 81% 817, +% 

1 a ?ii ir s-hE sl :? g asi.^ ss sa a a : i 

■sl i ,J * sa 5| a 4 a s sks? 2 ”^ s s$s* a a 

a'isiS"??*-! * ff Ss" sss’a.s.ii 

1+ « M Sa.^3 . .m. 4 ^% 2*% Whrtplal.TO 3* M 887 37 38% 38% -% 

1+ im 301. 30 « *5 38 22% 22% 22% +% 

W * S miEu -sS 35 *ff* *8dltok*D 1*100 312 34% 3ff, 34 -% 

S « S S Ml 17,4 «“«■* WW 23 7% 7 7 -% 

In M 3? » m _5L *ff4 11% WlllexG.15 + 15 71 24 23% 23% 

tz ra 111! tna S -n ^ 3 W«aml*o +8 2t»*o% 30% 30% -% 

■u na M 9 mi! -K t7i * «% WtecNn+Sa 3.7 102 12% iff, «% -% 

M In. -fc 58 56% WtaDbt1*0 4* 18 208 45?; 45 45% 

it a m IS iltl +S m * 9 Whineo 40 3* 17 2TO 13 12% 12% -% 

i ?B 1? Sl* £2 ^ ^ * mntm 1B > 2 ff< 2% -% 

ii »h 2S S’ -V ^ ffi- WtaterJIBa 2*31 5 5% 5% 5% -% 

3.7 to SB 27% as% Z I % Mk 1st. linvCiflJM KB If MO tm. id. if*. 


4ff, 4(9, Wwerff282.-«, 278 u«7% 4ff, 47% +%' 

12 . yjWhPtt' -. ” 267 TOU ff, 10% +% 

25% 17% (ifNPUpffi Z2100u28 24 20 +5 


fL SS? 6 -" 8 ' " “ '!L alH iU 4 25 _ 21% TeEd pB.190 OS 

227, 11% SSMC n 105 21% 21% 21% «], ajt, TffEd pO.72 1+ 

177, w% Sabine *4 * W14 UTO% TT ^11, ft 

14% TO?, SabnR 1*4e 08 0 20 13 . 12% iff, r* ToKd ^47 12. 

19% 11% SUjdSc _U 9_ 17. Iff. Iff, -% ^ ^ 43S pM*8 S 


197, 11% StgdSc 14 « 17 W» If. ~% 30% ToS 5+a 1+ 

30 . 10% sanra, *4 * 31 488 -M », 28% -% 33 Te« pSS 10L 

SB ' 28 8M0LP138 5-7 9 18 34?, 34% 34% g 4 t3 S S*1 «. 

17% 6%. vJSalanl • TO 43 11% 11% 11% +% £ ^ ySf SgfftjmS 

81 45 SaOlaM *8 - Ji 22 1415 Tff, 74% 741, +% l Tnmr a 

55?, 33% satamn.54. .1*11 3730.34% 33% 34%+%. 33,* Tonka .08 * 

42% 30% SDfaGoOBO 7.4 11 113434 33% 33% » 5 % tSS« *0b 1 

B% ff, 5JuanB40ir-.. 5*18 1B518 . 7% 8 +% g T a% tSv* 1 3.7 

33 28 SAiWIREOT 6* 14 38 31% 30% 30% 5% ff T«S*0 17 

26% Iff, SFaH* 2*8 1+ 112 20% 20% 20% -% S’ fL Toaoo 

4ff, 28% OWtoP 1 22 TOM46% 44 -% g, g, t££ ^ T * 


1*100 312 34% 33% 34 -1* 
t7 10 23 7% 7 7 -% 

* 15 71 24 23% 23% 

+8 211U 30% 30% 30% — % 


— m - — ‘W 1 ! ■ I"! »« *2 “ “ XTtm fl v W wnftfl 

® m ™ Sv w -V ^ fft- WtaterJIBa 2*31 5 5% 5% 5% -% 

^ '« 4 %«% wtoc£»e*8 s*n sea 43?, 4^,4®*-% 

5^ 5. I22? - ® Sa ffw 4 ». 31 281* Wha ff2*5 BLS 1 28% 28% 28% 

1+ 1°*°° *5® Sl Ss SL 60% 42% WtacPL3*4 8*11 317 48% 46 46% +% 

f" 1 ISSSta 1138 7-3 SS ^ 83 ^ WltcPS 3 6*12 78 4W, 481, 4ff% 

?. 2 S S A 4 7% 2% Wttco • 1.12 25 15 222 44 43% 4a 

Ik t£3wi? 31 mas lew mL rcL +ff* 14 «■ Wo * vlW TO W% 1«« 71% 

JO 5 n|l msat ^5 54 ff WMhe1*2 2J15 338549 <7?, 48% +% 

a se r>a a a «. 5*. ssr.„ .... i ft. ? ? ' 


40% 2ff, SaraLaa 1 2* 18 440040% 30 40% 


TO 10 SauiRE JM" 1*41 3 TO TO « -% «% it, viTwtoff 

2S IS, S£f L,k H 9 ? S IS Z* u »* A TcyRU? 

$ ■ ii" xs - a"a a a ^ rss«.« «. 

1?" 2^" I? S* ?" 2* . w 13% TWA ff 2*5 13. 

ID 8% Sctrfr n 85 8% 8% 6% — % gp. jp, Tranwia.TOb 5* 

102 08% SchrPto 2 2*19 1083 01% 8ff, Bff, -% ^23 TfanHx2J8 B* 

51 34 SctlPI wl # tffi <«% «%-%«% 11% TmCdaQl.12 

40% S7% 8cWnmi*0 2.7 6790 46 45% 45% -% tg XL Trarao 

§k t'S ; 7 n« I^IS" 3 22 + > 32% 35 Tr«Sj2 6.1 

8ffj 52% ScottP 1*8 1* 13 2325 70% Off, 8B% — % jjw 43% Tran ff+75 8* 

18% 12 Seedy, *2 +2 17 57 12% 12% TO% + % ^% 1«I Trwi&Ua 11. 


-% S, S* ISL?^ 5 », Ml S’ «1 M 1 !2 M 38 Wriffy ,1*4 £118 85 50 ' 48% 49% -% 

,J S J? T renmW .gb 5*7 *J 5 j® 1 * ff, 1% Wurttzr 11 2% 2% a% 

- % S! M vn w IS Iw 1 ff* n WytoLb *2 1* 33 UB 18 17% IT, -% 

_!• 18% 11% TmCdaal-12 _ TO3 W 14% 14% % ss , uiynn, *a 3* 12 84 ttv ibs! ib?. -v 


S w! t?* TO« ^ WfMWB 

:S?, 5. BB,- 


“> 18% 11% TmCdaol.12 

£7 6790 46 46% 45% -% y q ■ T maces 4 

.» • W8 177, »% m, +1, ^, 4 as tSStz «.i 


TO3 W 

21 14% 14% 14% =5% 1*% Wynw 

775 44% 44% 44% +% 

2 53% 53% 53% 

225 15% 15% U% +% 81% 48% Xerox 


1% Wurttzr 11 2% 2% 2% 

tt WytoLb *2 1*33 UB IB 17?, 17?, -% 

18% Wynn* *0 3* 12 64 17% 16% TO?, -% 


X Y Z 

3 3*19 8348 79?, 73% 701, -% 


27% 12% SaaCnt .42 £5 50 18% 18% 18% +% 5% Tranxcn 88 5% 5% ff, +% 58% 55 Xerox pBJ8 9* 15 55% 55% 55% +% 

14% 7% SttCt pfl.46 13. 0 11% 11% 11% +% 27% 25 TrCJ» pt250 9* * 2# 2B 28 +% 28% 21% XTRA *4 £4 229 2B% 2B% 26% +% 

10% 10% S*eC pfB£10 15. 17 14% 14% M% -% 53% 42% TrevloiZ38 5.1 TO 2475 45?, 44% 44% -% 24% 13% Yqritln 15 I9l 24 23% 24 +% 


I* 1 ) w, -Ml, -1 53% 42% TrevloiZ38 5.1 TO 2475 4S% 44% 44?, - w 

a* a fr° i^« iLti a iT 4 + s •*? « t™ ff+«.7* no sa% s? 52% +% 

79% Smgm 1 -L4T7 1W87ff, Iff* w 7% 33 25% TriCon 5u35+ 17. 201 31% 31% 31% -% 

21% 12% Seeoul TO 222 20% 19% 20 +% «. TriCn Bt£50 8* 1 SO 30 30 +U 

52% 33% SaalAtr *2 1.121 2^ 1L !> Sffl 2ffJ Trtatn STw 4 U 1010 33 31% 32% +D| 

35% 231, SaalPwl.10 3* 14 238 33?, 33 33% +% 3* gnu TrOod pf.12 4 1 20% 29% 29% 

56 SO Sean z 3.7 14 IITOBBjM, j* + % S% 50% Trihuni*Q 1* 14 219 ^ 70% 7^ +% 

!05% 1M% S« PTO-520 5* 2 JJfli OT% 3ff* 37 Trtt wJ 1 36% CtS8% 38% -?, 

4ff. ® Satf%U*0 4*8 «07 37% W »% +J 3% . 1% Trfcnlr 441 3% 3% 3% -% 

80 65 SeqtwAUa 2 15 ff W, 77% «% +% 391, »% Trinty J50 1* 50 1050 28% 28% 28% -% 

82 88% SequaBlSe 2 15 15 7^ 2 73 "*• *#* » 1* B 202 68% 88% 88% +% 

•»% «% 3mCp»*2 1*M TO?T 2», 70 SB -% 21% 13% TrltEng-Wb * 15 2096 20 10% 10% +% 

B% S ucRa, 23 « 3 3 2> ”> 281, 20% TrkE pi 2 7* 331 27% 28% 27% +11 

82 21 Svcmm65e £0 24 258 30 » 29% -% as 51 . TucaETOBO BL1 12 415 £8% S8 50% +% 


00 65 SaquM15e * IS 157 - 78% 77% 78%'+% 

62 06% SequnB13e 2 15 15 79% 79 79 +% 

31?, 19% SvcCp, *2 1*22 3*126% 28 38 -% 

20% 9% Swfie, 23 51 W% Iff, 18% -% 

32 21 Svom«n*3a £0 24 258 30 29% 29% -% 

28 17% ShaMaa.72 3*5 216 22% 29% 22% 

38%- 15% Shawln *0 £4 15 102 25% 25% 25% 

34% 31% ShLehn 2307 32% 31% 32% +% 

26i, 14% Shelby 24 1J » 80 TO 17% 17% 

BT 461, ShaNT 3.87a ** 15 1874 88?, 88% 88% +% 

38% 22% Shrwin SO 1* 15 017 35 33% 34% -%- 

11 8% Shoetwn 18 365 8% 8% 0% -% 

33% M% ShowWffe £0 26 2B8 30 ' 2ff« TO -f, 

a 21 SiarPed.72 7*12 192 2ff, 22% 22% -% 

Iff, ff, SgniAM 8 87 W% 13% 15% -1 . 


81% 52 Trey ff+18.7* 110 53% 52% 52% +% 6 2% Zapata 702 5% 47* 5% +% 

33 25% Tricon *35e 17. 2D1 31% 31% .31% -% <3?, 20% Zayra a- 40 1*16 «11 2*% 2ff, 24% +2 

38% 2ff, TriCn pSLSO 8* 1 SO 30 30 +% M% B% Ze max 40 3*8 24 iff. Iff, 12% -% 

30), 20?B Trtatn a .12 4 12 IBID 33 31% 32% +1% 20 Iff, ZaottnE 10227% zn, Z7% +% 

38 20% Tdtad pf.12 4- 1 29% 29% 28%. 17% 8 ZanLba 1796 11% 11 11 

80% 58% TrifaUM20 1* 14 2W 72% 70% 72% +% 19?, W% Zero *8 2* 19 273 IB 17% 18 +% 
38% 37 Trta wl 1 38% cB«% 39% 81% 32% Zurata 1*2 28 18 118 471, 46>, 47 -% 

3%. 1% Tricntr 441 3% 9% 3% -% 10% W, Zweig ilIOb M BW 9% 0% ff* -% 


S, 2** tl! » »% Tdtad pf.12 

B0% 58% Trlfauna*0 
22^2?*.. 3ff* 37 Trta wi 


7* -331 

8.1 12 415 


S2 M * ff - TucEreJSO £112 4W «% 58 5^ +% Sale* figures are unoffldaL Yearly highs and lows redact the 

«f ^ » ■ «> I U S* If 16 5? IS! US IS! 2 P«*» a week, ptas tha current week, but not ttw totaat 

w! an! m +s. 25? IS* SS! "2 sa IV- T* IS IT 3 * . , ntfing day. Where a sp£t or stock Addend amounting to 25 

“w JJro ~y 4 * • 52% 2Mi iVcoU) >4D >9 20 wfl5 ^5*1 47 ' l , -J _ , , . luf fnifin IT jf fhRMar'W WL* «-I^— « mrnni crvV 

80 TO W% 17% • trw iTiT ■njJr w, 3.1 » 22 13 i27. is per sent or more msoasnpni, me yeans niffi-mw range ana 

W74B8?, 88% 88% +% 17,2 ” 4 t, , . * *rfdend are aJwwn for the new stock only. Unlass otharwtaa 

«t» na mi. in. —w_ u U U rioted, ratxa at dMdervis are armuaJ disbursements baaed on 


18 WW 8% 8% B% — % 85% 18 U OC H . 90 379 33% 33% 33% +% tohett dtfl i |i r 9l 1 rt , l 

S » X - SL S 27% 17% IfflC S £20 0+8 148 237, 23% 23% -% 

* « a. it -f S’ <» tm tat 

B 87. t5% Sl ffiar-M. a 15 IS* X Si. + ‘ etodt (Mdend. e*qut 


Mend atao extras), b+nnuai rate of dhicEand phis' 
(Mdend. c-BqufctaUng dhddand. dd-ceOed. d-naw yearly 


io<, I'm agn«^» , ■ .<-—7 ™ U»>B*»aOa * 1214 22% aa, 22% oiotn uwiowia. cin,ieu«^u levioeiiu. ua-aww. 

3B% 20% Signet i*4 U ■ IS Wi M n% -% 14 5 to m? m! +% low. a-dhfdend declared or ptod in preceding 12 months. »■ 

?T« 5^"*“ f . 10 IS 47 ™ 2 S « IS 4S% W% iSa £48 BJ3 23 5580 30% » 30% +% dMdend In Cwtofftn furvta. sub]ect to 1S» non-reefctonDe tax. 

“ TTJ* TZ_ *4 C4I. Item a*«j I tit "T fl T7SI KM m. U 4- la 


Slngr pOJO 0* 


!L KjS^ 48 M 15 ft* al% Si aS +% S%32’ U8G i L12 3*0 622 37% 36?, 37% +% paid this year. omUad. deterred, or no action taken at latest 

S? SSI 3t22u s? 5? a +2 29% 20% tfiUCOBB £9 6 25 2Si, 22% 22% -% dMdend meeting. (KBvjdend declared or peU this yew, an ao- 

s?Ia S-“ “• jr&sr'sp;?. a £ » B. ». ssterittssatfsSM 

S £% iSSST, « 11“ Ss2 3S: tP SS *i ^ p«|g u ^ ;i 4 

11% B% Snyder i*0 1£ 3« TO% TO to -% »■ g& |SS ' SiaS rf 1M). iS,+?I <***■ »**»<* *{*- DMdend, begin wtti data of sp«. - 

36^ ff%'Son« 2 LB TffS «% 3JD, -% TO 88% ^ p«L73 ii. ^ Jf 4 ^ aetaa. WMdend paid in stock taffKedlng 12 months, arti- 

73% 18% SonyCeaae %128 man, »% Wi +% gt ‘ 17 42s aS, ct, 23% -% trated cadi value on ex-dMdend or ex-TOstrftwtlan data, u- 

«• 'J* iSSSaea *3 2 2S S U S S oSK Iff .7 « « IS ^ haw yetoty high, wredtag hated. yHn benkrepay or recataar- 

m! a* TO a Wl »?, -% BS Unavr+io* 2*18 » 180% M7 W%-% ««P w btong reorgantaad under the Bankruptcy Aa.wsacu- 

w* 8 me *2 - s »% M% M 298 TOT' UnWtf 7.17a £4 17 219 294% 291% 293?,-% rfttas assumed by such companies. VKWtotrtxited. iff-when 

a ^ wszs s*. aS a 3 ^ ft * &/e* iis $ f ■ 

2B 29% SdUBiCaM £0 8 3SB2 24 23% 23% ■» 41% . WfE? ff 4 as ziw Ajiy «? « ? jtoTOTOBgHMHMHnHBP8 B ^ HI | l 


52% uara pf+io 7* 


173 54 53% 54 +% kflvfdand dectofad after aptt-ro? or stock cfivfdend. j-dMdend 

622 37% 36?, 37% +% paid this year, onittad. deterred, or no action taken et mast 




ADC 

ASK 

AST 

AbingS 

Actmdx 

Acusn 

Adapt 

Antes .10 
AdobSs 
AdVTol 
AdvoSy 
AgcyRs I 
Agnlcog -20 
AirWtoC 
AiaFdl .12a 
Alcorn 

Alex Sr .16 r 

AlaxBs 136 

AilAm 

AllogBv 

Ailiant 

AUdBn 

Altos 

Amcast +4 
AWAlri 
ABrttr *0 
AmCarr 
ACcnds 
AQreM *6 
Ammu +0 
AMSe 
ANQns 1*2 
ASMUY-aOe 
ASNYpI 
ASohs 12 
AT5Cni ' 
AmFlFd • 
Amritr 175 
Amgwi 
AmakBk*8 
AMRE 
Aimrst *0 

An logic 

AitdvSv.4Sa 

Andrew 

Anrteca *0 

ApogEs .12 

ApotaC 

AppIBk 

AppleC.IZs 

ABioad 

ApkfBio 

ApIdMt 

Archive 

ArgoGp 

ArgoSy __ 

Armor ZOe 

Ashtons 

AOGLtslBO 

AdHrt *8 

AflRes 

AhSeAr 

AtaorBa 

AvnjWt 

BS 

BRIntoc 

BakdC 

BaioFn la 

BnkrJs .06 

BkJLyS 20 

RWBqw.40 

Bnpncsi*!) 

BnPop 1*2 

BcpHw 160 

BancMC 

BKNEel.12 

Bnkess +8 

BnbgCtr 

Bankvt ,20r 

Santa +4 

Barrie 

Bsetf *as 

BaUMt .10 

BayVw 

aaySksl.44 

BaauUC 

Baaeas 

BeltSv 

BanJSv 

BarMy, *4 

BwkHa 

BajtSyi 

SetzLb 140 

BauSvg 

BgBear t 

BhxJJy 

BtaRna 

Btagen 

Btamff 

BtaTcG 

BlrSU 

BtakEn 

BoatBn 1*4 

BobEvs *8 

Botiema t 

BonvtP 
Bouses *0 
BstnFe .48 
Brsntra .IO 
Brand J» 
Bricwlg 
BdgCm 
BmJann 
BwnTmCMe 
Brunos .18 
BuiUT 

Bmhm *4 

Burras 

Buslnld 


Site Higb Law Last Dng 
fftadd 

18 47 21% 20% 21%+ % 

25 350 13% 13% 13% 

IS 2991 19% 18 19% + 1% 

28 13% 12% 13 - % 

47 57 22 2T% 21% - % 

36 2253 17% 17 17% + % 

20 302 15% 181* 15%+ % 

28 83 23% 23% 23% - % 

90 031 53% 52 52% +1 

31 1168 u2D% 19% 20%+ % 

320 8 7% 8 

24 B2 2 0% 20% 20% + % 

327 20% 20% 20%-% 

628 ff, & ff, 

5 202 23% 23% 23% 

IS 112 19% 19% 19% 

13 37 80% 30 90% 


Safas Mgb lew Us! Ona 
(Hndal 


Safe* High Low Lad Cbog Stack 
(Hath) 


hta High Uw lea Cheg 
(Hadit 


14 638 51% 50% 

38 177 13% 13?, 13%+ % 

3101 11% 10% 11% +1 
68 165 341* 94 34% 

3S82 ff, ff, ff, + % 

23 454 12% 12% 12% 

10 25 12 11% 11% - % 

281 9% ®'s 6?, 

8 344 133 1 12?, 131,+ % 

12 OB 9% ff« B% 

7 78 10% 10 10% 

14 405 28 27% 27),- % 

B 261 12% 12% 12% 

35 152 971, 36% 971,+ % 

5 7? Mi W) 34%- % 

8 210 17% 16% 17%+ % 

1#1 21 % 20 %. 21 %+ % 

22 100 1B% 17% 18%+ % 
'721108 207, !20%- 20?,+ % 
700 11% 11% 11% - % 

12 3W 50% 60 5ffa+ % 
570 1339 41% 33% 40% +1% 

a 187 23% 22% 29 - % 

383 27 25% 28 - % 

336907 8% 0% 8% 

13 245 12 11% 117, 

7 18% 16% 18%-% 

393 T7 16 Iff, + % 

15 201 W Z Iff* 19% 

TO AM 9% 0% 9% 

540298 23% 22 23%+ Pa 

TO 48 33% 33% 333, + % 
3319992 78% 75% 78% +3 

57 13% 13% 13%-% 

311981 23% 22% 23% + % 

2382 24% 23% 24% +1 

<1 66 10% 10% 10% 

0 U 34 33% 33% - % 

18 178 23% 23 23%+ % 

34 110 19% 19% 19% - % 

2513033 27% 20% 27% + 1% 
TO 66 24?, 24% 34%+ % 

TO 80 TO 8?, 9% 

IS 233 301, 29% 29% - % 

13 79 11% 11% T1%+ % 

4909581 27% 26% 77 
27 648 15% 14% 14% - 7, 

B B 

318 m. B% 8% — % 
TO 11 IP, 11% IP, - %! 
25 5 17 17 17 I 

15 461* 48 46>* 

17 158 13 12 12% 

6x411 17% 17 17% — % : 

24 135 19% ?9% 10% 

8 1 38 33 33 + % 

8 3 32% 32% 32% 

10 12 541, 63% 53% - % 

27 261 13% 13% 13% 

82060 32 31% 31% - % 

1TC 18 17% 16 


90% 

St%+ % 

«%+ % 


TO 12 541, 63% 53% - % 

27 261 13% 13% 13% 

82060 32 31% 31% - % 

TO 18 17% 16 

543 13% 131* 13% — % 

25 167 33% 3*% 3Z% + % 

14 406 Iff, iff. Iff, 

7 511 13 12% 12% - % 

16 74 40% 401, 40%+ % 

531879 37% 36% 36%- % 

5 112 14 13% 133, 

0 717 38% 38 39 - % 

10 81 8% ff* 8%+ % 

12 5*4 11% 101* 11 

40 13 12?, 127,- % 

834 8% 7% 7% — % 

9 048 27% 24% 281* +P« 

338 03610 3470 3470 -40 

13 780 13 12% 12% + % 

20 611 451, 45 45 - % 

13 17 ff, B% ff. 


13 17 ff, B% ff, 

11 GO 21% 20% 20% 

16 262 13% 13% 13% 

41 4 37, 4 

1764 Iff, U% 10%- % 

39 223 243, 241, 24% + % 

350 ff, 0% 9?, 

16 as 24?, 28% 241, + % 

67 21% 21% 21% 

TO 123 38% 38 38% - % 

28 380 2S% 25 25 

15 853 21% 20% 20% - % 

23 22 12 11% 11% - % 

40 219 24% 23% 23% - % 

13 IBS 30 291, 2ff, - % 

11 57 15% 141, 14% — % 

19 87 17% 17% 17% - % 

588715-16 7% 7% - % 

35 216 23% 23% 23% - % 

255 ff, 81, 9% 

IT 2 11% 11% 1P4 

25 320 19% IB 19% - % 

17 78 Iff, Iff, 10% 

20 209 22% 22% 22%- % 

44 53 Iff, 13% 13% - % 

508645 15 13% Iff, - % 


COG 

CFS 

cml 

CdMSa 
CPU .16 
C&rySclZOs 
Caanti 


If you worfc in the business centre of GREATER 
BERGEN, GREATEROSLOor STAVANGER— gain 
the edge over your competitors. . 

Have your Financial Times personally delivered to 
your office , and every working day you willbe fully briefed 
and alert to all the issues that influence or affect your 


12 ISSUES FREE 


market and your business. 

When you take out your first subscription to the F.T.. 
well send you 12 issues free. Then see for yourself why 
William Ungeheuer, Time magazine's senior financial 
correspondent, describes us as -the paper with the best 
coverage of international finance." 

0 Oslo (02) 684020 

And ask Marianne Hoffman at Narvesen AS for details. 


FINANCIAL TIMES 

— — Europe's Business Newspaper 

-- i (Mite-FhMUtaT'Ne* V*l , 


CaHflc 
Cainy .TO 
CaraSS 
Canon! ,35a 
Canon ha 
CrtWD *8 

CffMlC 

Cantata 

Car Cm . 

Cauyst 

Cone ms 

CmrBc I.B0 

Cameor 

CtriBk .too 

CtrCOp 

CFMBfel.08 

CntyCra 

Cord 

Cams 

CnrmSs .12 
Chrtwta 
ChVPts 
CtawuM 


c c 

31 21% 21% 
TO 16 21 21 

17 62 20% 28 
821794 21% 201* 
21 1328 20% 201, 
27 (48 421, 4f% 
41 787 Iff, 1fl% 

368 14 131, 

230 12% Iff, 

18 113 8% 8% 

3B 487 11 Iff* 

140 B% 9 
113 27% 27% 
341134 26% 251* 
18 TO 20 20 

23 401 10% ff, 
39 13572 20 Iff, 
73 21% 2U, 
21 737 16 15% 

287 32 21% 

10 107 37% 37 
341 4t% 40% 
108 13% 13% 

57 15% 151, 

11 155 30% 30% 

9 201, (9% 
32 318 10% 10% 
7432 31% 30 
801145 25% 24% 
50 141 22 2T% 

20 864 10% 10% 
89 8% ff* 


SP« - % I 
21 + %| 
20%+ % i 
21 + % 
2ff, + % 
42 % 

16% - % 
13% - % 

’2? 

8% 

10% - % 

9 

27%+ % 
86% +1% 
20 + % 
TO 
18% 

21 %+ % 
15%+ % 
21 % - % 
37% “ % 

41% +1 
13%+ % 
15%+ % 
30% - % 
1B% 

10 %+ % 

31% +1% 

ff-.l 
10% + % 
8%+ % 


Chsreks 
: Chuhre 
I CtiiCM 
cn Dock *41 
Chi Auk 

Cnuwid 

emus 

ChlpsTc 

Chiron 

Chronr 

ChrDwt *1 

CSnnFa 152 

Omasa 

Clphsr 

OrcExa 

CtzSoCp 1 

CtzFQptOfc 

CtzSNY 

Ctzll As 

CityFod 40 

CtyNCs *4 

Cl oriiJ *6 

doth 

CoOpBkSa* 
CoastF 
CoatSI 
CoDoLb 
CocaBU *8 

Coour t 

Cohan# 

Cotaflna 

Coffdla 

ColnGp .40 

CotaNI 

ColorSy 

Contests. 12 

Cmcstsp.12 

Cm«ric£20 

Cradr 1*8 

CmceU .72 

CmcFdl 

CfflSbg -56 

CamSvg.12o 

CmpCds 

CmpCra *8 

CCTC 

CncpBa 

CnCap£40a 

CnaPop 160 

CVHmo 

CCMod 

Condn 

CtriRss 

Convgt 

Convex 

CooraB *0 

Copyttl 

Cordis 

CoreSt 1*8 

CtaicQ 

CWTms 

CrzEds 

CrsFdl 

CritGp *8 

Cronus 

CrosTr 

CroaWS .40 

Creslpl 1*1 

CwnBh 

CuHwn *0 

Cypres 

CypSom 

Cytoffi 

08A 

DNA n 

DSC 

DattySy 

DnuiBlo 

OartGp .13 

Datcrd *4 

DtalO 

DtSwtch 

Daocpa 

□auohn1*0 

Oaxor 

Days Ins 

DattSns *0 

Dokalb 

DtlWod 

Devon 

DiagPr 

Diasone 

Dtcoon 

DigOCm 

DlDtch 

DlmcCT-40 

DUneNY 

DkXUMB 

DbdeYr2BI 

DtrCnl 20 

DomBs .72 

OresBa 

Drexlrs 

DrayGr 

Du alLte 24s 

DuokOn *2 

DuqSys 

Duramd 

Duriron .56 

Dynscu 

DytchC 

ELXSI 

EMC Cp 

BPa, 1.52 

Elan 

Beetol 

Bamgs 

Eimitax 

Encore 

EngCnv 

EnFact 

Ensaco 

EmPub .10 

Envrdn 

EwTrt 

ErcBls t 

EqtBcp.60b 

EfflBs *2 

Ei(cTH*Da 

EwnSut 

ExrafflfcTOo 

Exceln 

Exortr 

Etplna 

FFBCp.CSo 

FHP 

FemW 

FareSts 

Ffmhfln.37e 

FannF 

FwGpsi*0 

FWIer 1*2 

Ftdlcrff 

FkJFTn.16a 

RlthThl.M 

Figgioa .76 
FlgplaA .66 
FtahTwa 
Fmsmx 


291982 18 18% 

111 21 % 20 % 
2317 71, 7 

204 33 321, 

11 208 15 141; 

18 84 17 16% 

272788 32% 31% 
453 277, 26% 
26281137% 34% 
152 13 12% 

30 872 15 14?, 

10 39 83 82% 

16 271 32% 31% 
241348 13?, T3% 
18 105 12% 12 
101172 25% 25% 
TO 03 40% 40 

30 10% 10 
1 21 77 29 28% 

7 347 8 d 8% 

14 203 26% 25% 

13 134 27i, 26% 

21 437 Iff, 171* 
159 Iff, 173, 

9 420 14% 14% 

29 445 11% 11% 

17 92 2« 23% 

50 3S<, 341; 

821 31% 29?, 

81 12 in, 

48 91 13 12% 

192 12% 11% 

11 281 20% 19% 
563 1140 11% 11% 

422 13% 12% 

6791478 21 20% 

88 19% 18% 

10 460 59% 59% 
23 377 B4% 64 

11 842 2B?a 2B 
5 298 171, 17 

17 29 15?, 15% 
111 15 Iff, 

40 697 18% «% 

IB 318 12% 12% 

793 8 8% 

87 Iff, IB 
238 15 14?, 

14 172067 65% 

290 Iff, d 8% 

2366 1T% 10% 

38 WS 27% 28% 
80 122 15% Iff, 
10389 ff, 5% 
08 440 18% 19% 

17 563 27% 27 

402 13% TO 
440 19% 19% 

101212 38% 36% 
455 11% 11% 
20 Iff, 12% 
185351 5% 5% 

340 121, in* 

8 48 12% iff, 

3 841 19 18% 

843 20?, 20% 

9 510 14% 14% 

184 21% 21 

15 35 13% Iff* 

16 168 27% 27 
78 161 26% 25% 
TO 652 12% 129, 

216 B% 9 

D D 

13 114 14% Iff, 
130090 Iff, 12% 

27 2258 73, 7% 

390 8% ff, 

134 6% ff, 

8 6 157 156 

17 506 11% 11% 

22 36 9% 9% 

56 988 8% 73, 

31 23 34% 34% 

16 6 32% 321* 

18 59T 13% 12% 

91666 10% 9% 

Z 638 10% 17% 

6531(25% 24% 
1682 11% 10% 

12 016 15% 15% 

35 313 37% 36% 

32 511215-16 2% 

28 TO 38% 3ff, 

252633 45% 4 3% 

970 5% ff* 

10 141, 14% 

1982 22% 22% 

32 321 291, 28% 
12 24 27 27 

41 1687 10 9% 

9 480 1B% 19 

32 399 32 31 

231 13 12% 

30 227 18 17% 

14 81 25?, 2S% 

19 83 91% 3< 

42 131 28 27% 

.41 43 18 >7% 

467112 141, 13?, 

131137 17% 17% 

14 554 31% 30 

E E 

12291 16-32 f £16 
22 217 27% 26% 

8 482 171, 17 

782247 23% 23% 

15S 25 23% 

22 80 17% 17% 
201320 B% B 
374 3? fl 3% 
681 33% 31 

18 285 16% 18% 

145 14% 14% 

17 107 19 18% 

141051034% 32% 

20 29% 29 
224 10% Vi 
12 4 27 26% 

15 62 23 22% 

20 454 44% 44% 

22 1026 32% 3ff, 

128 15% Iff, 
54 202 15% 15 
712 19 17% 

20 50 16% 15% 

F F 

12 489 15% 15% 

13 7 12% 12% 

9 83 13 12% 

111342 13% 13 

7 111 23 22% 

16 222 13% 12?, 

13 2M2 41% 41% 

9 581 36% 35?, 

1 31% 31% 
194 Iff* 17 

12 269 54 S3 

13 58 82 80% 

125 72 70% 

58 OSD 11% 11 
3125 7 5% 

27 18% 18% 


18% - % 
20% 

33 

IS + % 

17 + % 
32t*+ S, 
27%+ % 
37 +2% 
13 + % 
15 

83 

33%+ 7, 

a ,+ •> 

121; 

25%+ % 
40 - % 
10 

29 + % 

8 ?, 

26-1, 
271*+ % 
17% - % 
16% — % 
14% - % 
11% 

S2 2 " 11 

34% 

301, -1% 

KS-- S 

Sit 

11 % + % 

sr- 

64% 

2B%“ % 

171,+ % 
13% 

14% - % 
10%+ % 
12%- % 

9 + % 
Iff, 

14% 

86%+ % 
e -a 
11% +1 
27 - % 
15*4 — % 

6 + % 
19%+ % 
271, 

IS" 1# 

13% 

36% + % ! 

1 S» + ** i 

TO* , 

«?- h ! 
12 | 
1»,-% ! 
20*4 + % | 
14%+ % 
21 - % 
u% ; 
27 - % ! 
25?, 

T*=t 

14%-% 

7%+ % 
9%“ % 
6% + % 
157 

11%+ % 
9% 

77,+ % 
34% 

32% - % 
13 - % 
10%+ 7, 

25 + £ 

15 

ST; +1 
2?,+ % 
38%+ % 
45% +1% 

I£« + ^ 
22% — % 
2ff,+ i, 

27 + % 

TO* - % 
32 + % 
12% - % 

16 + % 

%?** * 
31 

28 

18 

M - % 
17% - % 
31 - % 

1%-m: 

Z7 - % 

£%+ % 
23% 

24*7 

17% - % 

8 %+ % 

32 ‘-1% 

S“ 14 
18 - % 
84 +P, 
29 

TO - % 
27 + % 
22% + % 
44%- % 
32% 

14»«- % 
15%+ % 
W%+ % 
15% 

15% 

12% 

U%- % 
13%“ % 
22%- % 
12?,- % 
41%+ % 

36% “ % 
31%- % 

631*- % 
81 

71%+ % 

’l* + 1« 

8 %“ ?• 

«%+ % 


FAJaBa .78 
FstAmsl.GO 
FlABfc *0e 
FIATn LID 
FtAmSvJOe 
FCoHJs .40 
FExocs 
FExpE2.12B 
FExpfF2*8 
FExptG 
FFMtt *2a 
FFdlCal 
FFFtMs j 40 
FFdPR 
FtFMflS 
RFTBk .72 
FtHaws *0 
FlltCpa 44 
FJerN 180 
RKyNt *4 
FMdBS 1 
FttWSs 
FNdnn1*6 
FMH03 *0 
RSFla *0 
FSecC 110 
FtSvBk 
FT arms LIB 
FjtUCa .60 
RWFn 28 
FlaFdl 
FlaNFS M 
Fonar 
FUoAa ,M 
FLloBa 13 
For Am .96 
FortnF .15a 
Forum, .08 
FramS* 
Fromm *0 
Frauor 
FulrHB .42 
FuflFS 

GWG 1*2 
Qatacg 
Gall 1 90 
CUitgAx j40 

Galnph. 

Games 

GaidA 

GatwBs 

Gatwys 

Ganatcs 

Ganadn 

Gen (cm 

Genmar.lBa 

Gsncym 

GaGulf 

GtesnG *5 

Giamtos 

Godfry* *2 

GktaVla 

Gotoaa .24 

GouWP .76 

GrpnSc 

GCtryB 

GtLkFd .60 

Grdwtr 

Gtocti 

HBO *0a 

Hadaon 

HamOff 

Hanvtaa.38 

KariaysJ2h 

Horint 

HarpGa 

HiUttal*0 

HrfldSs 1 

Hanrln 

Himco 

HltathR 

HchgAa .16 

HchpBs .06 

HaaJdrt 

HalanT 

Hentay *0t 

HrtNS.lOa 

HI bars 1.04b 

HlghlSu 

Hogan 

HmaCty 

HmFH .40 

HmaSav*0e 

HmoSL 

Honlnd *0 

HSNJs .40 

HufKoo 

HunLJa .16 

Hiuglns 

HuntoBM> 

HutOtT 

Hyportx 

IMS (nt .16 

tSC 

kot 

knntrn 

hnucors 

Imunex 

bnunmd 

taneg 

Inaemp 

IndINtLIOb 

InfiBdc 

IrthUB 

InfoRxs 

Inoval 

Inspect! 

Inagps I 

Inatfr 

IntgDv 

intgGen 

Mat 

JntaM 

Inthrt32 

tatolK 

tairiFtr 20 

tnapti 

bttrieai 

Irrtmec 

IntauCs .TO 

IntAm 

IniClin 

Kiama 

huKing 

ImLsac 

taMotm 

moan 

InvgtSL 20 
lomaga 
IrwitUg 
M 

Jaguar.160 

JaffrOp 

Je(Smfc*te 

Jar>«7 IS 

JrtyLba 

Jonsl A.1Sa 

Juno 


131185 21% 21% 21% K K 

8 OT TO 12*t! r£+ % "L* 401798 2ff; 22 2ff, 

2” Ii S IS*,' W Pfe 104191 lffi UPt lff*+ % 

2 ^ diS? J* Kaman *2 « 57 28% 28 28% + % 

,, £ IS* 13“V Karcf,r =«? =«a =1% =i%-% 


e 17 23' 22' 23 +1 

6 5 23% 231; 23% - % Kufc * a 

63 11% 11% 11% - % 

20 107 23% 23% 23% - % LAGaor 

10 45 3ff; 301* 30% LSI Lg 

12 6 28% 2ff« 28% + % LTX 

17 108 iff, 15 15%+ % LaPetea 


822 12?, 121; 12% - % 

L L 

771 11% 10% 11%+ % 

1832064 15 14% 14% 

418 15% 15% Iff; + % 

32 616 16% 16% 16% 


11 28 51% 51% 51% + % LaZ By 1.60 15 *45 80 78% 783* - % 

10 IBS 24 d22% 23 - % LfldFm .12a 19 482 u 233 » 231* 23% 

121335 35% 35% 35%+ % Latdlw 20 29 357 26% 26% 26% - % 

17 178 20 18% Iff,- % LdlTBs.14 2Sx4730u15% 15% 15% 

12 51 4t% 40% 40% - % LbkiRS 47 9% 9% 8% + % 

13 13 32% 32 32*,— % Lands .64 42 165 21% 20% 21 - % 

31 9 39% 38?; 39% - % Lanca 1.15 18 343 401, 33% 39%+ % 

50 38 25% 25 25% - % LndEnd-IDa 27 7B3u40 38 38% + 1% 

80 14 Iff; 13% Law?Sv 21 IS 14% 15 + 1, 

9 TO 29% 29% 29%+ % lawsns *8 20 82 26% 26% 28% 


»- «? 


101056 25?, 25% 25% LaaOl* 188709 & 5% 6 + % 

5 500 to* 8%* % LlaTch 41 95 Iff* T4 14 - ?; 

721 16 IS, ISi UnBrds 15 718 38% 36 36% - % 

TO 351 21% 21% 21% LnHma 16 182 12% d11% 11% - % 

06282 «% 5?, 6?, - % Linear T 65 333 Iff* Iff* 13% + % 

37.796 14% .13% M% + % Liposm 33 71, 7 7 - 1, 

41 514 19, 14% 15%+ % U2Cta *5 281636 64 82% 62*;- 1% 

10 125 33% 33 . 33% + % LooeStr 3101904 16% 15% 1S%* % 

6 487 22% 21% 221, + % LongF 160 « 240 60 % Sff, 59% - % 

12 604 5% 5% 5% — % Lotus, 326228 Sff, 35 35?, + % 


408 3ff; SS 
321 8% 8% 

G G 


16 34 20i; 20 20% 


17 233u1ff; 17% 18 + % i _ 

TO 200 28% 27% 28?, + % I tagwl 40 11 725 22% 2P, 21% 

341 12 11% 11?, MgtScI 18 809 Iff, Iff, Iff, - % 

5455058 Sff; 541, 54% - % Marti* *0 704 21 20% 21 + % 

1371 40 38 99% +1% | MlraNt 1+4 8 37 4ff, 43% 43% 


Loyola 



421 

141; 

14% 

14% - % 

LyphQ 


482729 

28 

27?, 

27?#+ % 




M M 


MBS 



19 

11% 

IP, 

10% 

MCI 


37 5488 

8% 

P; 

«% 

MNC 

130 

8 

159 

42 

41% 

42 + % 

MNXs 


16 

SG 

15% 

15 

15% 

MSCar 


18 

38 

27?, 

26?} 

26% - % 

MTS* 

24 


26 

21% 

21 

21%+ 

MTECH 


30 

112 

24% 

24 

24%+ % 

MacfcTr 



506 

10 

18% 

18?. - 1 8 

MB 99 



486 

18 

17% 

17% — % 


15 7 Iff, 121, 12% + % I MaitlFn 


15 176 11% 11% 11% 
360 (46 M% 14% 14% 


Marehta.84 

Maacmp 


14 90 Sff, 36% 36% - % Macob 

117038 Iff, 18 U% kAaacpl 

357 7i« 8% 7 - % Msnbk *2 

17 8 2S% £5% 25%+ % MaaWor 

34 672 23 22 22%+ % MtncSs 

132053 28% 28% 29% +1 Msxcro 

SO 189 18% 18% 18?,+ % Manrs 

till B% 8% 81; McCrtn 1 


164 221; 21% 22%+ % 
9 614 201, 271, 27% - 3, 

40 224 6% 8% ff; + % 

332344 u37 36% Sff, +P, 

1088 u 3? 35% 36?,+ % 

32 18?, W% 18?,+ % 

904 4?, 43, 47, + % 

19 136 21 20?, 21 


77 3724 10?, 19>i 10 - 3* 

253355 29% 27% 29% +2 
16 416 45% 45% 45% 


till B% ff; ff, McCrtn 1 18 418 45% 45% 45% 

87 Iff* 19 19% + % MadcoC.IOs 62 150 40 39% 40 

4 40 241, 24 24 - % Medbri 8 150 Iff* Iff, 15?,- % 

304 36 35 35% - % Madtf* *4a 372 18% Iff, 10% + % 

281730 23% 221, 22% - 3* Melrdgs 171603 10% 9?, 10 


H H 

688 13% 12% 12% 

24 358 (V, 8% ff* 


Manure .16 355813 13 11% 13 +1% 

MenOG 472711 32 31?, 31?}+ ?} 

Marc8c1.40 7 497 271* 26% 26% - % 

MeicBk.1.08 12 18 38% 37% 37% - % 


« £ » « « ;£ vSTjs m 

11 S ® a* TOP;— % Kg 

i ^ S + * mSSS-w ” » 

re 1 1 i I : + % 8SS5S - ‘ « a 

* %*+ > ™i.M 1? M* 

8 244 in. a - i. Ml “« M1Z53 

‘STL S' LS £< : i SES. 

335 13% 12% 1ffj+ % JJg™ 31 IS 

10 77 243, 241, 241,- i, “gj 21 

44 goo ffi ^ MS 15 fs8 

» ,J8 iSSS 

« m a s-% a a %x& 

M S TO 4 Wt, WV, 34 287 

0 ire si, M* MU hievc*. ai BO 

8 m ret 4 Its rei MoWCB 32 70 

160 1IP4 173 | 18 , 4 Umiinn M 11 19 

12 340 Iff, d 8% 10 + % sil 

1 I Molexa ST 785 

23 757 291; 28% 29% + % MonfCI.90s 34 


Merer *0 278 8% ff, 8% 

MarUCp 1051 iff, W% 15%+ % 

MeryCa 21 350 U 16% 16% 18%+ % 

MetnoA *7 21 365 7% 7?* 7% + % 

MatrUU t 738 19% Iff; Iff, - % 

Metrrnl 16 2S8 17?; 17?, 17% 

MayerF 12 99 13?, iff; 13?, + % 

MJcMBI.M II 340 40 3B>, 40 

Mlcom 241253 17 Iff, 17 

MwrO 24 923 IT* 11% 11%+ % 

MtcrTc 1735 11% 10?, 11 + ?, 

Ml crop 214549 39% 371, 38% +2% 

Mtaroro 691 ff; fi% 6%+ <4 

MicSem 15 738 9 8% ff, 

M lentil £12549 122?* 119% 12H* +3 

MtdiCp 1*8 0 886 45 441; 45 + % 

MdwAtr IB 900 14?; 141, 14%+ 1. 

Mllbtlr .44 14 712 19?; 1B% 1S% + % 

Million 150 IS?, IS 15 

MilUpr .28 Z714B4 40% 39?, 39% -1 


16 607 B% ff, ff, - % Monoid 

11 H1B 61; 6% 5% MontSv 

359 2 5 IB 2% 23-16+% MoorF 1 


MJnlacr 251442 

Mlnoink 26 1212 

Minstar 34 287 

mowca at ao 

MortCS 32 70 

Modlrie *8 13 19 

MolBta B34 

Molexa £7 785 

MonfCJ .90a 34 


3592 5- IB 2% 23-16 + % MoorF 120 372 24 231; 23% 

38 12% 11?, 12 - % MoronP 19 14 26?; 25% 25*, - % 

3668 u24 21?, 23% + 1% Marino 415 3«i, 34 34 + % 

206448 12% 12% 12%+ % Morrwi 48 19 62 27% 26?, 27% + % 

1433 11 Iff, 11 +1 Mutt* *2 TO 7 22 21% 21% - % 

45 25 9 ff, 0 + % Multmn 297 53?; 52% 53% - % 


2514422 IP, 14% 16 +1% 

261212 30 2ff; 30 + % 
34 287 22?. 21% 22 - % 

31 B0 24% 24', 2«, - % 

32 70 24% 24% 24% 

13 TO 34% 33*, 33% - ?; 

834 13*, Iff, 13%+ % 
27 785 4*3, 44 44% 

34 70 69% 60% - % 

262568 18% 17% 17% - % 

303 16% 016% 16% - % 
372 24 231; 2ff, 

19 14 26% 25*, 2ff, - % 

415 341, 34 34 + % 


45 25 9 8?, 0 + % 

TO 51 38% 36% 86%+ % 

80 171; 18% 17?; 


297 53?; 52% 53% - % 

N N 

52 26 25?, 25% — % 


56 43 221, 21% H 1 * 4, % na ,12a 1102^ 99% »% 59% +3 


31 760 17?; 16?; 17 NdC1ya1*0 10 S72u34% 34 34% * u 

ST 464 28% 28% 28%+ 7 , NtCptr 20 152371 13 Iff, IZ^ 

453 391* 35% Sff* +2% NData 44 TO 781 22% 22 22 + % 

24 507 B 6% 9 + % NtGWrd 17 70 ff, 9% 9?* 

35 425 12% 11?, «?,- % MlHerii 2«6 iff, 12% 12% + % 

99 59 Iff, 15% 15?, Milter 3235 4% 3% ff* + ?, 

415 10?, 9% 10%+ % ICECO 31 195 20% 19% Iff*- % 

10882 45 433, 44!, + 7, NwkEq 300 22% 21% 22 - % 

373 M? a 12% 1»i NtwkSy 167143 9% 8?; 9 - % 

<70 Iff; 15% 15%+ % Nsuirgs SB 37 43 41% 41%-1 

32 670 10 0% 10 NECrit 36 219 20% 19% 20 - % 

14 173 21 21 21 »ESvBk.0Se 52 16 Iff, 15*, 


32 670 10 0% 10 NECrit 36 219 20% 19% 20 - % 

14 173 21 21 21 »ESvBk.0Se 52 16 Iff, Iff, 

23 1033 28?; 25?; 25% Bux .48 21 824 23 22 22%+% 

670 2Qi> 19?, 20?, + % NHtnBs TO 11 304 26 251; 26 + I; 

25 87 lii; 137, 14% + % NUUSB 1 169 26% 24% 24% - ?* 

20 TO Iff, 17?, 18 - % NwldBk *0 16 341 39% 29 29 % 

9 221 5% 5% 5%- % Nawpt .06 22 323 13*, 13% 13% 

31 634 15% 14?, 15 - % NwpFtl 387 7% 7% 7% % 

41 375 Iff, 1H, 11% - % NlBlHm 10 13 12% 11% 11% % 

18 015 17 Iff* 17 + % Wha B .40 181033 Iff* 15?, 16 - % 

20 324 Iff* 19% 19% - % Nobel .40r 176575 14 dlff* 12% -lh 

868 11% 11% 11% - % Nonfeo *6 30 0a 56 55% 55% - % 

864 17% 16% 17% + % NorskB.33e *1092331, 32% 327,- % 
5 222 13 12% 12% - % NABIO 2147 3?« 2% 3% + % 

18 100 ff, 3?, 3% Nest&v 62074 25% »% 25% + 7, 

14 4TO 10? a 10% 1B% - % NorTna .92 12 234 30% 39 38%+ % 

1348 20% W, IB?, - % MwNG 1.56 13 415 25% 231, 24% + 1% 

J J MwNU .96 5 209 26% 25% 25% - % 

136046 S% ff, 9 11-32-3-32 *£"£;■ W« ** J2 + % 

7 3 Iff, Iff* Iff* 1 Nff?8Pl1 548 17?, Iff; 12% 

*1027 53 SO 82 +3 NOVffl* SO 1264 »% » 25*, + 3* 


31 634 15% 14?, 15 - % 

41 375 Iff, 1H, 11% - % 

18 016 17 Iff* 17 + % 


*1032 331, 32% 327,- % 
2M7 3% 2% 3?,+ % 

62074 25% 24% 25% + 7 e 


J J J 

136046 8% ff, 911-32-3-32 
7 3 Iff* Iff* Iff, 

261027 52 50 52 +2 

173607 27% 22% 22% 

383 20?, 20 30 

38 450 13% iff. Iff,- % 

22 48 38% 35 38 - % 


5 209 26% 25% 251* - % 

545 12 11% « + % 

548 12?, Iff} 12*, 

501264 251* 25 25*, + 3* 


NcuWI .64 28 219 57% 56% 57% + 3, 
Numre *6 « 71 25 34% 2*% 

Continued on Page 37 









FINANCIAL TIMES 


Financial Times Thursday May 14 1987 


Trade anxiety 
weighs down 
bonds, stocks 


WALL STREET 

TAKING THEIR cue from lower 
bond prices, Wall Street stocks 
drifted in moderate and unsettled 
trading yesterday, writes Roder- 
ick Oram in New York. 

Credit markets overlooked sever- 
al positive news items yesterday 
and were pre-occupied instead with 
the merchandise trade deficit which 
will be released today. Bond prices 
fell about % of a point 

The Dow Jones industrial aver- 
age closed up 7.06 points at 2,329.68. 
It had opened a few points above its 
previous close but fell back steadily 
in the face of weak bond markets. 
Once bonds pulled back from the 
day’s lows, stocks managed small 
gains. 

The Dow Jones transportation in- 
dex rose 10.62 to a record 967.49 
with the help of some strong airline 
sto cks. 

The broader market indices 
showed a similar pattern with the 
Standard Sc Poor's 500 index edging 
up 0.68 of a point to 293.98 and the 
New York and American Stock ex- 
change composite indices adding 
0.31 to 167.70 and 1.57 to 336.58 re- 
spectively. NYSE volume was mod- 
erate at 172.2m shares with declin- 
ing issues outpacing those advan- 
cing by a ratio of eight-to-seven. 

Among blue chips, Chevron was 
unchanged at S58%, Du Pont gave 
up £% to SI 18, Eastman Kodak 
added S% to 581%, EBM rose $% to 
S166%, Merck fell S% to S153 and 
Procter and Gamble dropped SY< to 
£92%. 

Allegis gained $1% to £89% on 
trading of more than 6.7m shares, 
which made it the most active 
NYSE issue. As part of an aircraft 
sales deal, Boeing, up $% to £45% 
will inject S70Qm into Allegis, par- 
ent of United Airlines. In exchange 
Boeing will receive notes converti- 
ble into between 14 and 16 per cent 
of Allegis' stock This large share- 
holding in friendly hands could help 
Allegis, which has been the subject 
of takeover rumours, fend off hos- 
tile bids. 

Texaco fell Sl% to S35%. It has 
suspended quarterly dividends and 
observers feel an imminent settle- 
ment of its legal dispute with Penn- 
zoil, down S2% to 581%, is becoming 
less likely. 

Burlington Industries dipped S% 
to 565%. Observers believe Mr Ash- 
er Edelman and Dominion Textile 
might raise their S67 a share take- 
over bid for Burlington. 


M 1 


A LATE REBOUND in the bullion 
price brought Johannesburg gold 
shares back from early falls to 
leave them slightly easier in a fear 
tureless session. Industrials contin- 
ued their record-breaking surge. 

Bellwether gold stock Vaal Reefs 
fell back R3.00 after Tuesday’s 


R7.00 rise to dose at R429.0Q. 
Grootvlei fell 50 cents to R17.50, 
Mining financials an d other min- 
ing shares dosed mixed, with dia- 
mond stock De Beers dropping 40 
cents to R40.25 but Rustenburg, the 
platinum stock, picking up 60 cents 
to dose at R54JD0. 


WORLD STOCK MARKETS 


Diana Smith examines the demise of a share trading curiosity 

Lisbon emerges from a sea of paper 


Woolworth added S% to 548% af- 
ter reporting first quarter profits of 
43 cents a share against 30 cents a 
year earlier, in line with retailers' 
trend of sharply rising profits. 

Tiffany added S 7 /i to 522%. The 
leading jewellery store, which went 
public nine days ago, reported first 
quarter net profits of 12 cents a 
share against a year earlier loss. 

Among other retailers, Sears, 
Roebuck was up $% to 554, Dayton 
Hudson added £% to 543%, Federat- 
ed Department Stores fell S% to 
S44%. Wal-Mart slipped 5% to 557%. 
J.C Penney fell 5% to 547% and The 
limited gave up 5% to 542. 

Baxter Travenol fell 5% to £23%. 
The drugs group said earnings this 
year are likely to be at the low end 
of analysts $1.10 to SI 25 estimates 
compared with SL70 last year. 

Holly Sugar, a major beet sugar 
processor, gained 51% to 5101%. A 
shareholder group led by Brooke- 
hill Equities of New York called for 
a special shareholders meeting to 
elect directors who would “actively 
seek to maximise shareholder val- 
ue." 

In the credit markets, bond prices 
fell despite a number of positive 
factors such as a slightly stranger 
dollar, weaker than expected retail 
sales in April and generally higher 
prices for US Treasuries overnight 
abroad. 

The price of the 8.75 per cent new 
benchmark Treasury long bond fin- 
ished the day down %% of a point at 
100%i yielding 8.71 per cent At its 
worst during toe day it had been 
down as much as % of a point 

The mam factor on toe markets’ 
minH was toe merchandise trade 
deficit for March which win be re- 
leased this morning. Some improve- 
ment from the SI 5.1 bn deficit in 
February is expected but tire esti- 
mates range widely with a median 
forecast of S13.5bn. 


CANADA 

OIL AND non-precious metal 
stocks led Toronto prices marginal- 
ly higher in busy trade, offsetting a 
toll in golds. . . 

Imperial Oil class A picked up 
CS1% to CS74% and Texaco Canada 
climbed CS% to C$37. Gulf moved 
CS1% ahead to C$31% after report- 
ing slightly higher first-quarter op- 
erating profit but lower net income. 

Dome Petroleum toll 3 cents to 
CSU5 

Montreal advanced in brisk 
trade. Vancouver also rose. 


LONG-AWAITED legislation finally 
approved by the Lisbon Govern- 
ment will literally lighten the bur- 
den of those involved in buying and 
selling securities. 

No longer will processions of 
messengers be seen lugging stocks 
and bonds from a seller’s to a buy- 
er's bank every time a transaction 
occurs. 

This laborious process was only a 
minor problem when the Lisbon 
stock market was dozing between 
1976 and 1985. But when a mixture 
of economic recovery and tax incen- 
tives revived interest in the ex- 
change as an outlet for private and 


institutional savings, brokers and 
banks found they could not keep up 
with the vast amounts of paper- 
work. It sometimes took weeks for 
transactions to be sorted out 

Under the new legislation, a com- 
pany's shares will stay in the bank 
of its choice. A simple computer en- 
try will record stocks sold or bought 
on the seller's or buyer’s stock mar- 
ket account at his bank. 

The authorities hope the new sys- 
tem will also spell the end of an- 
other problem - speculation on toe 
parallel market 

Small-time punters who once 
used the stock market as an altera- 


.. •••’**: 

■ . • • 


Bayer’s results 
cheer Frankfurt 


MAJOR EUROPEAN bourses con- 
tinued to shadow the dollar closely 
yesterday, ending firmer in line 
with its recovery against local cur- 
rencies. Elsewhere, domestic politi- 
cal and economic considerations 
put a damper on trading. 

Frankfurt picked up strongly as 

the market took a favourable look 
at chemical g rou p Bayer’s results 
and exporters benefited from toe 
dollar's near one pfennig rise 
against the D-Mark. The Bundes- 
bank's reduction in three-day trea- 
sury bxD rates boosted banks. 

The Commerzbank index 
16.8 to 1,799.6, more than making up 
for Tuesday’s losses. But most of 
the trading was done by profession- 
als, with individual investors still 
hesitant about the course of toe dol- 
lar. 

Bayer, with first quarter profits 
up 32 per cent, gained DM &30 to 
DM 312A0 after climbing to DM 
313.50. The company intends to list 
its shares in Tokyo from toe au- 
tumn of 1988. 

Also in chemicals, BASF added 
DM 6.80 to DM 2KL8G in advance of 
its first quarter results today, and 
Hoechst, which was reported to 
have signed a joint marketing 
agreement with Astra of Sweden, 
was ahead by DM 3.60 to DM 

28420. Pharmaceutical Schering, 
which is launching a low-hormone 
contraceptive pQl, added DM 6 to 
DM 530 after three days of heavy 
falls. 

Metals processes: Preussag was 
up DM 6.50 at DM 165; it announced 
it would pay no dividend after a 
sharp toll in 1986 parent company 
profits. 

Bonds eased on profit-taking in 
lacklustre trading although toe cut 
in the securities repurchase pact 
rate helped to hold losses back. The 
Bundesbank sold DM 92m worth of 
paper after buying DM 87J3m on 
Tuesday. 

Amsterdam was lifted by the dol- 
lar, Wall Street's early gains and 
hopes of lower domestic interest 
rates. Trading was quiet and domi- 
nated by toe huge Philips share is- 
sue as foreign investors generally 
stayed away. 

Philips share trading was sus- 
pended at FI 48.50 for an hour be- 
fore the announcement that the 
share issue price would be FI 48.60, 


LONDON 

A FLURRY of buying centred on 
bine chips and sparked by bro- 
kerage house w»wmittfnA>H«tiw 
sent equity prices sharply higher 
at the opening, but gains were 
not extended later. 

The FT-SE 100 index rose 2(U 
to a new peak of 2463A, while 
the FT Ordinary index added 1BJ 
to 1£80£. 

Gilts finned as toe market 
awaited the Treasury auction but 
eased slightly towards toe dose. 
Details Page 36 

or 524 in the US. Philips th pn fen 
further to dose at FI 47 20, a loss on 
the day of FI 1.40. 

Among other internationals, Unil- 
ever was up FI 1.50 at FI 505 and 
Royal Dutch, due to annrmnrff first 
quarter results today, gained FI L10 
to FI 257.10. 

Sugar producer CSM was steady 
at FI 8020 before announcing a rise 
in first half profits. 

Zurich was also given some 
strength by the firmer dollar, fini- 
shing mixed to Hi gher on selective 
buying. Financials performed best, 
with industrials mixed. 

Among gains. Union Bank bearer 
rose SFr 50 to SFr 4,875 and insurer 
Winterthur bearer was up SFr 75 at 
SFr 6.375. 

Paris was hit by a bout of profit- 
taking on fears that the April Infla- 
tion figures will show a rise. Con- 
cern was also expressed about 
funds steadily being drawn away 
from existing stocks to new issues 
under the wide privatisation pro- 
gramme. 

Gtophysique was again a particu- 
lar sufferer in the oils sector, fol- 
lowing its FFr 76 drop on Tuesday 
with a fall of FFr 61 to FFr 590. 

Brussels was mixed amid contin- 
ued caution over the linguistic crisis 
threatening the Government. 

Milan was lower in active trading 
on monthly settlement day, with in- 
dustrial, holding and insurance blue 
chips worst affected. 

Madrid rallied but then hit profit- 
taking which pared gains. 

Stockholm fell further. Pharma- 
ceutical Astra, with higher first 
quarter profits, 



KEY MARKET MONITORS 


US$ 


(A^inst the French Franc) I j j 

1882 1883 1884 1985 1988 1987 


STOCK MARKET BiPtCES 

MM YORK May 13 Previous Year ago 
DJ Industrials 23S9 68 2,322.60 1,78544 

DJ Transport 967.49 95637 7KLB8 

DJUtffltfas 205.61 206.07 181.46 

S&P COflip. 29358 293.30 230.41 


LONDON FT 

Ord 
SE 100 
A AB- share 
A 500 
Gold mines 
A Long gfll 
World AcL Ind 
(May 121 

TOKYO 
Nikkei 
Tokyo SE 


I.SSdS 1670.4 1,320.0 

2,163.4 2.1633 1.623.3 
1,07960 1.069.34 706.41 
1.205.27 1.194.42 86233 

421.4 420.1 251.0 

8 S3 081 9 10 

13167 133 37 89 £7 


2436119 2453585 155623 
2.155.17 2.17978 1251.03 


FAZ-Aktien 59456 690.06 654-21 

CommenUank 1.799.60 1.782.60 1581.6 

HOMKCMMO Hang Seng ** 
2333.53 2SS3.42 1.803.73 

ITALY Bonce Comm. 

72730 731.77 826.06 

NETHBIUUIM ANP CSS 

Gen 28S.10 284.70 2585 

Ind 25930 25160 246b 

NORWAY OataSE 

41177 41241 342.02 

3NHUUKME Straits Timas 

1.180,50 (C) 597.68 


CURRgftCIES fLondonl 

US DOLLAR snr 

May 13 Previous May 13 F 
- 1.6715 

17900 1.7880 23925 
13970 139.50 2335 

5 37 5.9750 998 

14T10 1.4670 2.48 

£0165 2.0145 337 

1.294.50 1292 2.163.75 

37.15 37.10 66210 

13380 1.3365 22370 


US BONDS 


Trw w nr 


AUSTRALIA 

AD Ord. 1 .049.4 1,843.7 1J201J3 
Motah&Mtns. n/a 12523 485.1 


Credit Aktian 18959 19052 2S651 


452860 450150 357159 

CANADA 

Toronto 

MeL&Mins. 29705 29416 2049.0 

Composite 3.029.7 35237 35720 

Miintreel 

Portfolio 1507-60 1,90157 156105 

DUUMRKSB 

SE 20450 - 22957 

FRANCS 

CAC Gen 45210 454.60 407.1 

Ind. Tendance 113.00 11350 9525 


SOUTH AFRICA JSE 

Golds — 22154 1.1732 

Industrials — 1507.0 1.100.0 

SRAM Madrid SE 

214.16 21248 19159 


2666.0 269150 229205 

SWTITlim AND Swtaa Bank ind 

S995 89940 S7S.4 

COMMODORES (London) 


(3-monft offered rate) 

e 

SFr 

DM 


(offered rate) 
3-month USS 
B-momhUSS 

US Fad Fonda 

US 3-month cna 
USS-otooUi T-Mil* 


May 13 F’rev 

8*V, 8% 

3 1 *. 3% 

3’Ka 3% 

8*.. 8% 


7Tn 7ft 

7 *1* 714 

6ft‘ 6>%. 

6.70* 7.125 

559' 5.73 


Silver (spot) 
Copper (cash) 
Coffee (July) 
OK {Brent) 


May 13 Prev 
521450 521 5Qp 

£917.00 ESQ950 
£155750 £158550 
$18,775 $11675 


GOLD (S/ 07 ) 


HMMCm. FUTURES 

CHKAOO ’ 

US Treasury Booda (GST) 

8 % 32 ndsoJ 100 % 

Latest High Low Prev 
June 91-01 91-26 60-14 9i-03 

US Treasury Bids (EM90 
Sim points of 100% 

June 8454 84.12 8451 9456 

CwtMeatoa el Deposit (HUQ 

Sim points Of 100ft 

June n/a n/a n/a 8128 


May 13 Prav 

Pitta Yield Pitta Yield 

7ft 1989 99ft. 755 98ft. 7563 

7 1994 92*1* &40 92»St 8597 

8ft 1997 99*%, 855 B9*%» 1568 

8ft 2017 WOfts 173 100ft* 8735 

Source: Harris That Savings Bank 

Trustify Index 

May 13 

Maturity Return Day’s Yield Day’s 

(years) index change change 

1-30 16117 -1-023 653 -003 

V10 15453 +012 656 -003 

1- 3 144.03 +007 637 -053 

3- 5 15757 +017 671 -053 

15-30 19168 +059 778 -003 

Source: Marr0 Lynch 

Corporate 

May 12 Prav 

Price View Price YMd 

AT&T 3ft July 1990 

92587 840 9296 640 

SCOT South Central 10ft Jan 1993 

102 are W21 10350 1007 

Phflm Sel 8 Apt! 1996 

91.13 850 91.13 950 

TRW 8ft March 1996 

96.15 940 9643 955 

AfCO 9ft Marsh 2016 

101.17 075 10025 084 

General Motet* 8ft April 2016 


London 
Zurich 
Parte (ftdng) 

May 13 
$46125 
$46050 
S458.11 

Prev 

$46150 

$46050 

$46029 

LONDON 

tel* ■imitli lorudaBf 

51m points at 100% 

Jura 92S2 9266 

20-ysar Notion*! an 

9281 9257 

9356 950 

CltiewpEfft March 2016 
9322 10.10 

Soma: Satomon Bmthsis 

Now Yori( (Jura) 

$46000 

$48150 

Jura 127-03 127-26 

126-OS 127-13 

• Latest avatlabie Bgites 



ative to easmn gambling still play 
share prices, driving them to inex- 
plicable heights through private 
deals frequently made at an old 
downtown cafe not far from toe ex- 
change. As long as these private 
transactions do not take place on 
the gwthangp floor, they are not 
banned. Inside the stock exchange 
they are punishable by a prison 
term. 

While a steady flow of institution- 
al investors from Portugal and 
abroad has given the market 
strength and stability, the gamblers 
have offset the effect by sending 
some prices soaring into the stra- 


tosphere with no justification in toe 
fo rm of inspiring profits or take- 
over bids. 

Co nfining shares to banks will 

deprive' cafe dealers of their baric 
commodity - stocks in hand to seQ 
or buy. - 

To encourage methodical invest- 
ment, the Government has granted 
the increasingly successful unit 
trusts (mutual funds) a more flexi- 
ble ratio between their capital and 
reserves and their portfolios. In fu- 
ture a unit, trust with a portfolio of 
more than Es I5bn (S108m) needs 
capital and reserves worth only 0.5 
per cent of portfolio value rather 




♦h«n i per cent as initially decreed. 

As the number of unit trusts 
grows, pu s bjng up toe demand tor 
good paper, 'so gradually does sup- 
ply. The number of companies quot- 


ed on the exchange is now 46 and 
. more are in the queue. Turnover of 
stocks bonds rose to Es 30.9bn 
in the first four months of the year 
- 86 per cent of total 1988 turnover. 


Ministry move prompts decline 


TOKYO 

THE FINANCE Ministry's request 
tor restraints in foreign exchange 
trading caused share prices to fall 
in Tokyo yesterday, but the Nikkei 
average recouped much of toe loss 
towards the close, writes Shigeo. 
Nishiwdki of Jiji Press. 

Blue altwo fimwyl urn i d toe 
general market weakness, reflect* 
tog the yen's dip. 

The market indicator of 225 select 
issues was down 407.06 in mid-af- 
ternoon, but finished just 17286 
lower at 24#&lfl. Volume was 
lJ3bn shares against Tuesday's 
L2bn. Losers led gainers 525 to 385, 
with 103 issues unchanged. 

The Finance Ministry mJwit city 
banks, major securities houses and 
life insurance companies to refrain 
from speculative foreign exchange 
transactions to a bid to stabilise ex- 
change rates. It also asked them to 
report details of their daily foreign 
pwhAng n Amfc to toe ministry. 

The unusual move shocked the 
market Investors speculated that 
toe request might have stemmed 
from toe possibility that the US 
Maro h trade deficit; to be an- 
nounced on Thursday, could exceed 
the projected £15bn, and that the 
authorities’ fears of a dollar free- 
fell have strengthened. 

Buying interest was low as attest- 
ed to by the low volume of 5181m 


shares for Nippon Steel, the day's 
busiest stock. The issue opened Y3 
higher, but lost Y20 to Y368 at one 
print, closing at Y378, off Y10. 

Other large-capital stocks also 
fell nrwfrw smalHot wiling wito ■ 
Kobe Steel dropping Y20 to Y314, 

THAILAND'S stock exchange set 
a record yesterday despite warn- 
ings from *1+ market ."rimrirtwi 
about speculation. Hie Sequities 
Exchange of Iferilaiidlndac rose- 
052, to dose at toe new peak of 
28064.' The previous record was 
28020 set in November 1978. 


Nippon Kokan Y10 to Y337 and Ishi- 
kawajima-Harima Heavy Indus- 
tries Y30 to YB85. 

On the bond market, the yield on 
the 5.1 per cent government bond 
due to June 1996 temporarily scared 
another all-time low of 2J560 per 
cent, compared with the previous 
low of 2J540 per cent registered on 
Tuesday, on active buying by toe 
ftoattng sections of big securities 
houses. But selling increased later 
and the yiel